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China's innovation and entrepreneurship initiative began in 2014 and in July, the State Council, China's Cabinet, released a guideline that the government will encourage State-led investments as well as private investments in startups, especially those in the high-tech sector,to help finance innovation.

China's major industrial companies gained 658.29 billion yuan ( billion) of profits in June, up by 20 percent year-on-year, compared with 21.1 percent growth in May, data from the National Bureau of Statistics showed on Friday.

China's major oil and gas companies are expected to face fewer headwinds in the second half of this year despite their profit drops during the first six months, as the novel coronavirus epidemic lockdowns and sagging global oil prices dented their profit margins.

China's digital trade is growing rapidly. According to the Ministry of Commerce, the volume of the nation's import and export digital trade surged 6.7 percent to 3.6 billion last year, accounting for 26 percent of the country's total import and export service trade volume.

China's largest carmaker SAIC Motor said on Friday it is to export 2,500 MG and Maxus-branded vehicles to Australia, New Zealand and Fiji, as demand in Oceania grows for Chinese vehicles.