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By opening up both ends to promote the formation of a fair and competitive upstream resource supply and downstream sales market, the new SOE is expected to improve the efficiency of oil and gas resource allocation and better serve national strategies and the needs of the people, Li said.

By the end of 2019, China had 250 million people aged 60 or above, about one-sixth of the country's total population.

By the end of last year, 225 million customers were using car-hailing services in China. However, there were only around 100,000 licensed drivers in the sector, and supply is falling short of demand, according to data from the Ministry of Transport.

CAAM also noted that the sales of commercial vehicles was driven by government investment in infrastructure and as buyers upgraded to comply with stricter emissions rules. Sales of trucks and other commercial vehicles, which constitute around a quarter of the market, surged 41.6 percent to 431,000 units in August.

CCPIT will also improve domestic companies' ability on legal advice, arbitration resolution, thematic training and other service systems, in conjunction with professional service agencies to carry out credit ratings, due diligence, business account collection, insurance claim management and other professional services throughout the world.