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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 economic circle believes, Liu added, that China's economy started its medium-speed growth in 2016. On the demand side, China's high growth was mainly driven by high investment. The demand side-China's export and investments in infrastructure projects and real estate-hit bottom at the end of 2016.
China's money market fund sector, already the second largest globally, has ballooned in recent years as people sought to invest their savings in higher-return, but relatively safe, products.
China's economy beat market expectations to advance 6.4 percent year-on-year in Q1, remaining flat with the GDP expansion in the previous quarter, according to data from the National Bureau of Statistics.
China's economy, the second largest in the world, expanded 6.6 percent to exceed 90 trillion yuan last year. The growth target for 2019 was set at 6-6.5 percent.