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At the Beijing event, Zheng Bin, CEO of the Mumbai, India branch of ICBC, said China's largest lender has set up a 0 million fund to back local startups.

At the same time, Vivo is also reducing the budget to recruit celebrities for branding and marketing purposes.

At present, Hainan produces around 360,000 metric tons of natural rubber every year, accounting for 44.12 percent of the country's total production, involving more than 700,000 farmers and providing jobs to over 2 million people in the industrial chain.

At the annual meeting of the IMF and the World Bank in Washington on Oct 15, China's central bank governor Zhou Xiaochuan said the economy would likely expand 7 percent year-on-year in the second half.

At the core of the US ban on ZTE is that the Chinese company was denied access to high-end chips produced by US tech companies such as Qualcomm Inc. The incident highlights that China needs to step up the development of homegrown semiconductor industry, to reduce reliance on foreign technology.