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China's steel output is also on the rise. Official data showed China's crude steel output went up 6.4 percent year-on-year to 782 million tons in the first 10 months.

China's rapid advancement in the technology field also contributed greatly to relieve the employment burden of its large working population. JD.com, China's second-largest e-commerce company, was cited by the World Bank for the first time in the annual report as a typical example of the trend.

China's video cloud market is projected to increase 48.67 percent year-on-year in 2020 and the country's video cloud solutions market is expected to reach .72 billion in 2024.

China's research and experimental development (R&D) investment maintained rapid growth and its funding intensity (ratio of R&D investment to GDP) continued to increase in 2019, said the National Bureau of Statistics (NBS) in a communiqué on Sunday.

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