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China's western provinces and regions saw the fastest disposable income growth in the first half of this year, according to a report by 21st Century Business Herald.

China's policies to counter an economic slowdown have already started taking effect, as seen in the average 9.4 percent annual GDP growth during the past four decades with very moderate volatility, Liu said at a forum held by the National School of Development of Peking University on Saturday.

Chinese Ambassador to Germany Shi Mingde described the economic cooperation as the anchor in bilateral ties. "China became the largest trade partner of Germany last year, and the latter has been the largest investor in and technology exporter to China in Europe."

Chinese New Year, also known as Spring Festival, is the grandest celebration in China, with a seven-day holiday. As the most colorful annual event, the traditional Chinese New Year lasts longer, up to two weeks, and the climax arrives around Chinese New Year's Eve, with iconic red lanterns, loud fireworks, family banquets and parades.

China's smart light pole market is expected to be worth 117.6 billion yuan (.91 billion) by the end of this year as a result of the construction of 5G base stations, according to the International Smart City Research Institute.