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Citizens no longer need to return to their birthplaces to apply for exit-entry permits.

Citing statistics of recent years, Ying said the private sector accounts for about a quarter of the city's GDP, one fifth of its trade volume and one third of its tax revenue. The sector's dominance in the field of technology is obvious: it accounts for more than 90 percent of the city's technology companies. Among China's top 100 internet companies, 18 are private companies based in Shanghai.

Citi aims to expand cross-border renminbi settlement and promote the currency to corporate clients, as well as strengthen its operations for institutional investors in China's bond market.

Chinese stocks plunged on Tuesday on fears related to the rapidly escalating trade tensions between Washington and Beijing, but economists said investors were overreacting as the impact of the trade war will likely be limited and China will maintain steady and healthy economic growth.

Cities like Singapore, Nanjing and Xiamen have already banned drinking and eating on the subway, which provides a much cleaner environment for travelers, he said. Beijing, as an international metropolis, needs to catch up and provide a more civilized public space for commuters.