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China, Japan and the Republic of Korea should accelerate negotiations to establish a free trade area and reach agreements on the Regional Comprehensive Economic Partnership as soon as possible to achieve regional integration, Premier Li Keqiang said on Wednesday.

Chinese State Councilor and Foreign Minister Wang Yi holds talks with Pakistani Foreign Minister Khawaja Muhammad Asif in Beijing, capital of China, April 23, 2018. [Photo/Xinhua]

China's top envoy to Canada made the comments in a webinar hosted last week by the Canada China Business Council, or CCBC, in which he highlighted the business opportunities for foreign investors as China moves from its 13th Five-Year Plan (2016-20) to 14th Five-Year Plan (2021-25).

China's urbanization rate reached 60 percent as of the end of last year, with more than 830 million people now living in cities. As people move into cities, around 20 percent of the old houses in rural areas are left vacant, Xiao said, referring to an assessment of villages in Guizhou.

China's software and IT service sector has witnessed rapid development during the past decade, especially in cloud computing and big data, thanks to Internet-based innovations and upgrades in traditional sectors.