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"For example, in big cities, people are willing to spend one month's salary on an iPhone," he said. "In small ones, they prefer mobile phone brands such as Oppo and Vivo, as they have good functions and designs but are relatively cheaper."

"Freedom of religion, cultural rights, (and) the right to use spoken and written languages of all ethnic groups are guaranteed by a host of measures," he said.

"For the next step, the country will improve the stability and competitiveness of the industrial chain. More efforts will be made to make up for shortcomings and upgrade the industrial structure to maintain such sound fundamentals," Xin said.

"Future guidelines, with details of debt approval procedures and penalties for market participants violating rules, are expected to plug financing loopholes and ward off potential risks," said an official with the National Development and Reform Commission. He said that the current rules seek to just warn violators, rather than taking any action like blacklisting.

"Government reform and innovation is vital to achieve economic and social development. It will also boost public confidence in government capacity," he said.