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Because Philips employs around 77,000 employees across sales and services in more than 100 countries and regions, Jakobs stressed that China has always been a fairly important hub in its global operations, especially in economies related to the Belt and Road Initiative. The company's products made in China reach every country and region in the world.

Baidu Waimai will continue to operate as an independent entity for a year, according to the report.

Based on the law, people who want to work in Japan are required to pass technical and Japanese-language tests before getting a visa.

Banks have also extended the repayment terms for more than 55 billion yuan in interest and provided 1.9 trillion yuan of refinancing to such enterprises, it said.

Banks also helped cut excess capacity, build affordable houses, reduce corporate burdens, and de-leverage, Wang said.