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Derek Chan, president of the body's North China committee, said the upbeat sentiment can be attributed to a series of tax reforms, favorable policies on innovation and technology, and opportunities from the Belt and Road Initiative.

Despite its rapid growth, Meituan still suffered huge losses in the past three years, with losses of 10.5 billion yuan, 5.8 billion yuan and 19 billion yuan in 2015, 2016 and 2017, respectively. Even after adjusting for the fair value of preferred shares, the losses in the three years still reached 5.9 billion yuan, 5.4 billion yuan and 2.85 billion yuan, respectively, the prospectus showed.

Despite progress over the last few decades, 700 million people worldwide are still living in dire poverty, with many developing countries grappling with hunger, disease and conflict, according to Huang Kunming, a member of the Political Bureau of the Communist Party of China Central Committee and head of the Publicity Department of the CPC Central Committee.

Denuclearization talks between the DPRK and the US remain deadlocked after the Hanoi summit in February between US President Donald Trump and DPRK top leader Kim Jong-un broke down without a deal. They failed to reach common ground on the scope of Pyongyang's denuclearization and Washington's sanctions relief.

Despite the fall in July and August, passenger car sales totaled 15.19 million units from January to August, maintaining meager growth of 2.6 percent year-on-year.