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China Zheshang Bank has also innovated financial services with the application of big data and blockchain technologies to promote the intelligent transformation of small and medium-sized enterprises.

China aims to create a level playing field for the renminbi and other major convertible currencies, and reduce obstacles to the free use of the renminbi in onshore and offshore markets, she said at a seminar held by the Chinese Academy of Macroeconomic Research, a think tank under the National Development and Reform Commission, the national economic planner.

China United Network Communications Group Co Ltd plans to catch up fast after it fell behind China Mobile in the construction of 4G system.

China and the US might witness "more trade friction than ever" this year, though a trade war would not explode, said Wei Jianguo, vice-president of the China Center for International Economic Exchanges, a think tank.

China adopted a dual-credit scheme to support the NEV industry, which rewards or penalizes automakers with positive or negative credits on their car models' fuel consumption. Traditional vehicle makers may need to buy credits from NEV manufacturers or improve fuel efficiency and develop their own NEV business to avert punishment.