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An official says this is a result of the government's efforts to cut red tape, encourage cross-border e-commerce platforms and support development of local brands.

An extension of the Bay Area credit regulatory framework is being considered that would cover corporate and individual credit information. "On the following steps, we will ask for financial institution opinions and the building of connections among credit information service institutions in the area," Li told China Daily.

An amendment to the Patent Law with the aim of improving a long-term mechanism for combating patent infringements and encouraging innovations was passed by China’s top legislature on Saturday after a third deliberation.

An increasing number of market entities are being registered under an improved business environment. According to the State Administration for Market Regulation, each day in the first nine months saw 18,400 new enterprises registered. Meanwhile, several foreign-invested projects will be established in China, including German chemical giant BASF's sole venture in Guangdong province at a cost of 10 billion euros (.4 billion).

An island-looping high-speed train in Haikou, capital of Hainan Province. [Photo/IC]