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China Telecom also said in a statement that the 5G licensing will be a key step to build the country into a cyber power. It is also conducive to gaining a competitive edge in the telecom sector, which will help drive technological innovation, embrace industrial upgrading as well as boost high-quality economic growth, the company said.

China and Russia have maintained close strategic coordination on global and regional affairs, serving as a sort of ballast in safeguarding global and regional peace, security and stability, Xi added.

China and Chile expanded their bilateral business ties by upgrading the Free Trade Agreement (FTA) during the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Da Nang, Vietnam.

China Reform Holdings Corp Ltd, a central SOE specializing in capital management and investment, will handle the fund to manage the risks of central SOE bonds in particular.

China Mobile, the biggest Chinese telecom operator in terms of revenue, attributed the dropping profit to the rapid decrease of the traffic fee as well as the scrapping of the roaming fee.