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China's well-developed high-speed railway and e-commerce networks are perfect infrastructure for consumers in lower-tier cities or towns to travel, work and check the product information via their smartphones. This information equivalence expands the luggage market beyond the major cities, Fan said.

China's top securities regulator said on Wednesday that it will maintain a regular pace of approving initial public offerings to help companies raise funds and allow the capital market to better serve the economy.

China's positive contributions to global economic development and its expanding role in global governance have shown that China has been walking (with) firm steps on the path of development.

China's service trade scale is expected to have an accelerated growth, Tao added. In addition, the opening policy on service trade continues to deepen, which makes it easier for foreign-funded companies in service industry to enter the Chinese market and provide related services, creating a relatively continuous foreign capital inflow.

China's top securities regulator said on Wednesday that it will maintain a regular pace of approving initial public offerings to help companies raise funds and allow the capital market to better serve the economy.