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"Foreign companies want to know more about the concept and implementation plans," said George Lau, vice-president of the chamber, suggesting that an English-version official website would be good for foreign investors to participate in the Greater Bay Area's development.

"For example, almost 10 times faster than 4G, 5G supports more types of services and a wider range of applications. However, 5G may be a double-edged sword for security. On the one hand, intelligent monitoring will be achieved in the 5G era which will help improve the network security defense level. On the other hand, 5G may also bring new online risks, making it possible to see more cyberattacks," Wu said.

"Full implementation of random inspections means that all related actions should be encompassed into the random supervision, covering all targeted enterprises and law enforcement officials. All information should be released punctually to be overseen by the public," the premier said at Wednesday's meeting.

"For many industrial and tech sectors, this (the dual circulation pattern) means more onshore sourcing, onshore substitutes as backups or import substitution," said Wendy Liu, head of China Strategy at UBS Investment Bank.

"For the next step, we will vigorously promote professional integration between central SOEs, especially those with homogenized businesses," he said, adding that the government is making plans to accelerate the pace of professional integration in the power, nonferrous, steel, offshore engineering equipment and environmental protection industries, in order to continuously restore the earning strength of central SOEs.