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Around 80 works, including oil paintings, ink wash paintings and sculptures, are on display in the gallery of the Fine Arts College at Shanghai University through Dec 18.

Arthur Kroeber, founder of the China-focused Gavekal Dragonomics research service, said in an interview that foreign businesses had already felt the benefits from China's new round of measures to expand opening-up by gaining greater market access.

Around 50 percent of the nation's tax revenue and 60 percent of China's GDP come from SMEs. The latter are also responsible for 70 percent of technology innovation and 80 percent of urban employment in China, according to the Ministry of Industry and Information Technology.

Apple has said demand for its newest phone, which opened for pre-orders last week, has been "off the charts," although some analysts have been worried about supply chain issues that might prevent Apple making enough phones to satisfy demand.

Art Basel also will kick off a week of satellite art shows, museum exhibits and gallery events in the Miami Beach area to complement the world-renowned event.