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China has urged the Democratic People's Republic of Korea to abide by UN Security Council resolutions after the council imposed new sanctions on the country over its recent missile launches.

China has vowed to further promote fair market competition as part of the deepening reform and opening-up efforts to improve its socialist market economy in the 14th Five-Year Plan (2021-25) period, according to a communique of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China, which was held from Oct 26 to 29.

China is already a leading market globally for venture capital in technologies including virtual reality, artificial intelligence, autonomous vehicles, and 3D printing, with about one third of the world's "unicorn" companies (startups valued at more than billion) hailing from the country, according to global consulting firm McKinsey & Company.

China has spared no efforts to carry out supply-side reform and fight against financial market irregularities by better regulating high-risk institutions to make overall risk manageable, officials of the China Banking and Insurance Regulatory Commission said on Thursday.

China is also considered a leader in the on-demand economy, with people in the country reporting higher usage figures for food-ordering apps, car-hailing apps and mobile payments than Japanese and Americans.