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But after decades of development, many oil wells in Yumen have seen dropping output in recent years, with annual oil output reaching a record low in 1999.

But no consensus was reached regarding Fosun's latest offer. In an announcement released on Monday, Thomas Cook China, in which Fosun Tourism Group holds a majority stake, said it has been informed that Thomas Cook Group has entered compulsory liquidation and it "feels sorry" for the bankruptcy.

But Huawei still showcased its resilience and technological prowess with the new Mate 40 series 5G smartphones. The camera system on the Huawei Mate 40 series has been co-engineered with Leica to provide the best camera solution possible and sees breakthrough upgrades to the ultra-wide angle lens, powerful high-definition main camera, impressive telephoto camera and more, Huawei said.

But in this year when there is extraordinary foreign demand for Chinese assets, it is critical that inflows of foreign capital not be allowed to drive inflation or create an asset bubble in China.

But he opposes fully convertibility of RMB, given the lessons from Asian financial crisis in 1997.