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China has also made big strides in fostering a better business environment, as the country ranked 46th place out of 190 countries in the World Bank's newly released ranking list in 2018. While China ranked 78th place for ease of doing business in 2017.

China expects to be leader of the sector by 2026 as more projects go on stream

China commissioned the Liaoning in September 2012, after several years of refitting on a half-built vessel purchased from Ukraine. Two months later, Dai Mingmeng landed on the carrier in a J-15, becoming the first Chinese pilot to do so. In May 2013, the PLA Navy established its first carrier-borne aircraft unit with Dai as its commander.

China has not established a sound social credit system, and credit cards are not as popular as in some advanced economies. Online payment has instead emerged as a well-received alternative to cash. Crowd funding has picked up momentum as a wave of entrepreneurship has hit the country.

China backs the UN's commitment to playing a more active role, supports the work of the UN secretary-general and adheres to the purpose and principles of the UN Charter, said Wang.