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By the end of March, insurance companies had channeled more than 4 trillion yuan (around 0 billion) into infrastructure construction, renovation of rundown areas and other programs related to people's livelihood.

CATL's rapid expansion came amid the country's push for electric vehicles, aiming to shift consumers away from internal combustion engines.

By the end of September this year, the reform saved 1.06 trillion yuan of taxes for business owners, which replaced business taxes with VAT to cut tax burdens and improve the business environment, according to the State Administration of Taxation (SAT).

Bytedance founder Zhang Yiming ranked second, with a personal wealth of 95 billion yuan, which increased by 46 percent from last year, the fastest on the list.

By using an e-commerce platform, Deng's income has grown significantly as his business has expanded nationwide. Last year, Deng earned more than 280,000 yuan.