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"China's VC and PE market is becoming more rational and we estimate that the investment firms will become more targeted in their deals rather than simply chasing volume," said Jay Chen, founder and CEO of CVInfo and managing partner of CVCapital, an emerging investment bank.

"Clean hydrogen is a transformational fuel that can be used to power vehicles, generate heat and electricity, and as a chemical feedstock in major industrial applications."

"China's continuously improving business environment, growing innovation ecosystem, and its stable policy environment gives us confidence in the future of the market," said Christine Zhou, senior vice-president and president for the China region for Novo Nordisk.

"Credit and TSF growth were moderate," the official said, adding that off-balance sheet financing has been falling due to strengthened regulation and de-leveraging policies.

"Choosing a vice president is the first important decision a president makes," said former president Barack Obama, for whom Biden served as vice-president, in a statement. "Biden nailed this decision.