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Chinese companies, as well as the government, are showing greater interest in innovation-related projects, he said. The government has already been involved in Hungary's Extreme Light Infrastructure project, which aims to investigate the interactions of light and matter with high intensity, he said. The project is expected to have a significant impact on materials science, medicine and environmental protection.

Chinese authorities pledge to rigorously control risks in local government bonds and implicit debt while using bond issuance to finance infrastructure projects and improve weak areas. [Photo/VCG]

Chinese parents are seen in the Ctrip's in-house day care center where the suspects charged with child abuse in Shanghai, China, on Nov 8, 2017. [Photo/IC]

Chinese people's consumption of services has been steadily rising over the past two decades. Use of transportation and telecommunication services, for example, accounted for 18 percent of urban residents' total consumption in 2018, up from only 7 percent in 1998, according to a report by Moody's Investors Service. Residential expenditures for services in education, culture and entertainment and healthcare also increased substantially in the past 20 years.

Chinese economy continues to make progress in rebalancing, with consumption and services sector maintaining relatively fast growth, said Ayhan Kose, director of the Word Bank's Development Economic Prospects Group, in a teleconference on Tuesday.