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China's creation of some of the world's best-known tech-world abbreviations like BAT - it is short for Baidu, Alibaba and Tencent - can be pinned to the power of the internet. BAT have overhauled traditional commercial business models by expanding new channels and significantly lowering costs, from marketing and distribution to sales.

China's experience in the photovoltaic sector, as well as its expertise in improving the technology that enables countries to switch to clean energy, is being recognized.

China's innovation and entrepreneurship initiatives began in 2014. Last month, the State Council, China's Cabinet, released a guideline that the government will encourage State-led investments as well as private investments in startups, especially those in the high-tech sector, to help finance innovation.

China's huge auto sales market has dropped continuously for the past three months, splitting camps on the direction of the market－with the country's peak industry association saying it still believes there will be minimal growth for the full year, but manufacturers disagreeing.

China's industrial output grew at 6.7 percent in the first three quarters, up from 6 percent a year ago. Retail sales growth was 10.4 percent in the January-September period, unchanged from a year ago, while fixed-asset investment growth eased to 7.5 per-cent, down from 8.2 percent in the same period last year.