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China has now begun the steps required to join, including amending its laws. For example, a draft amendment of the Patent Law extends industrial design patent protection to 15 years from 10 years.

China had 127 asset management companies at the end of October, including 44 joint ventures and 83 domestic firms, according to the AMAC.

China has firmly supported the multilateral trading system via liberalizing and facilitating trade and investment since its accession to the World Trade Organization, said the government in a white paper released on Thursday.

China has always valued participating in international and regional multilateral security dialogues, the ministry said in an online statement. China is communicating with relevant parties regarding the activities and schedules during the dialogue, it added.

China has attached great importance to 5G in its 13th Five-Year Plan (2016-20), with the aim of commercializing it by 2020. And China is expected to become the world's largest 5G market before 2025, according to a report released by GSMA Intelligence, a global mobile think tank, and the China Information and Communications Technology Academy.