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China announced the "Made in China 2025" blueprint in 2015 as a way to move manufacturing up in the value chain, promoting development in 10 key sectors such as medical devices and robotics. Authorities have promised "multi-pronged financial support" to implement the strategy.

China has created 11 free trade zones where foreign firms can escape red tape when applying for registration. It is shortening the list of sectors that are off-limits to foreign investors, as with reducing market entry restrictions for industries such as transport and financial services.

China has been encouraging mergers and reorganizations among the state sector and plans to reduce the number of central SOEs to under 100 as part of the ongoing reforms to improve efficiency of the companies.

China granted licenses to telecom carriers for commercial 5G service in June. It is not the first country to commercialize the superfast wireless technology, which can enable downloading of 8GB movies in seconds and make self-driving vehicles and remote surgeries a reality. South Korea, the United States, the United Kingdom and other countries rolled out 5G networks months ago.

China has adopted a slew of measures to encourage the development of clean energy, including building vast solar and wind farms, with the aim to make non-fossil energy meet 20 percent of its energy needs by 2030.