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China is fighting pollution and environmental degradation after decades of growth left the country saddled with problems such as smog and contaminated soil.

Local government will take over approval of 53 administrative items, mainly covering business activities such as qualification certificates for private schools and business permits for cotton processing to make business registration more convenient.

The corporation's fiscal report released in late January showed comparable store sales increased 6 percent in China, 3 percentage points higher than global growth for the quarter that ended January 1, 2017. Net quarterly revenues for the China/Asia Pacific segment grew 18 percent year on year to 770.8 million U.S. dollars.

To this end, China will push for technological innovation by improving support for fundamental and original research, building infrastructure for science and technology, setting up technological innovation hubs and sharing R&D resources, among other measures.

The platform will provide PPP consulting, planning, bidding and supervision services for local governments, to facilitate private capital to join PPP projects, said Ding Huamei, president of the exchange.