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China has been simplifying applications for domestic and international cargo air routes to enhance the country's airfreight capacity and boost its global competitiveness, according to the country's top aviation regulator on Wednesday.

China has issued a number of policies since 2017 clarifying that in the next three years the country will build an industrial chain based on NB-IoT network technology.

China has placed great emphasis on tech development, with AI a key area. The government has laid out plans to become the world AI leader by 2030, with the aim of making the industry worth 1 trillion yuan (5 billion).

China has been the world's largest new energy vehicle market since 2015. Last year, more than 1.2 million electric cars and plug-in hybrids were sold, around 4.5 percent of total vehicle sales in the world's largest vehicle market, according to the China Association of Automobile Manufacturers.

China has become increasingly important over the last several years to major international corporations as the country has hundreds of millions of consumers to provide the business opportunity, said CNBC.