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Commercial Aircraft Corp of China Ltd, the Shanghai-based State-owned passenger plane manufacturer, said on Thursday that it plans to establish a multibillion yuan fund this year to support further research and development of aircraft components and related supply companies.

Co-hosted by the Shandong Provincial Committee of the Communist Youth League of China and the China Foundation for Youth Entrepreneurship and Development, the summit invited 1,000 young entrepreneurs from home and abroad to exchange ideas and discover the province's development potential.

Commsat CEO Xie Tao said he plans to establish some of the satellite ground stations in countries and regions involved in the Belt and Road Initiative, and provide them services at low prices. He said users could share data or keep it confidential, depending on their preferences.

Cobo's chief technology officer Jiang Changhao said as the blockchain sector is still at the early stage of development, many entrepreneurs need to spent a huge amount of money on the construction of basic infrastructure.

Competition in China's booming sharing economy market is set to intensify further, as companies step up efforts to retain customers and market share with superior products and services, said industry insiders.