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CFLD's financial report in Q1 shows that CFLD's business revenue rose 21.48 percent year-on-year to more than 9.49 billion yuan, while net profit attributed to equity shareholders reached 2.29 billion yuan, up 30.33 percent from a year earlier.

By enabling SOEs to divest some of their non-core business units, they will be encouraged to sharpen their focus on growing their main business, Peng said. The government will continue to encourage SOEs to build more key infrastructure and manufacturing projects in the country and partner economies involving in the development of the Belt and Road Initiative over the next five years.

By the end of this year, following a pilot program in some areas, businesses will no longer need approval to open bank accounts, the statement said. Instead, they will only need to file records before applying to open basic bank deposit accounts.

CFLD's developmental PPP model has fundamentally transformed the traditional investment model of local governments in China in civic construction. It's provided the World Bank with valuable inspiration for financially supporting the country's urbanization and infrastructure construction in economically underdeveloped regions, said Yang.

By the end of 2017, China had amassed more than 18,000 AI specialists, behind only the US. But, China had only 977 top-tier AI specialists, just one-fifth of the number in the US, ranking sixth globally.