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China is transforming from being the world factory to an innovation-driven nation by embracing a fresh wave of innovation, a new report said.

China is embracing an era of sharing economy. After shared bikes, sharing books are the next trend.

China has seen booming industrial application of IoT, said the report. Large-scale IoT testing has gradually been conducted in fields such as transportation, logistics, environmental protection, healthcare, security and electricity. Smart cities, the industrial IoT, internet of vehicles and the smart home have emerged as the major four market segments.

China initiated a plan in 2017 to build a 27,000-square-kilometer national park for giant pandas across three provinces - Sichuan, Shaanxi and Gansu - to help the endangered animals move around more freely. Wild giant pandas have been found mainly in isolated mountain areas in the region. Baishuijiang is scheduled to be integrated with the park by 2020.

China is taking measures to maintain balance of fiscal income and spending, to counter economic downside risks and tighten the budget management of local governments, according to the Ministry of Finance on Tuesday.