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Aron Harilela, chairman of Hong Kong General Chamber of Commerce, said businesses in the city are ideally placed to capitalize on these developments, particularly within the Guangdong-Hong Kong-Macao Greater Bay Area. The chamber's regular business missions to the Greater Bay Area have shown that the initiative is already having an impact. Cities within the cluster, some of them hubs for technology and advanced manufacturing, are eager to work closely with their neighbors for mutual progress, Harilela said.

Applicants are graded based on points earned from their age, education level, living standard, legal record and entrepreneurial ability. There are nine grading indicators, the bureau said.

As China and Japan will observe the 40th anniversary of their Treaty of Peace and Friendship next year, Abe said the two countries should develop high-level contacts and join hands to deal with the huge investment demand for Asia's infrastructure facilities.

Apple, in partnership with Tmall and JD, has cut prices of its latest iPhones in China ahead of a major annual online shopping festival called 6.18.

Apple is betting big on this emerging market. Two weeks ago, its mobile payment service Apple Pay launched its largest-scale marketing campaign since entering China, offering perks including up to 50 percent discounts on purchases for a week.