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"Chinese parents are obsessed about education, something that is based in the culture," said Jeff Zhu, vice-president of Shanghai-based Dipont Education Management Group. "It has always been perceived as the main, if not the only, ladder, for the elevation of social status."

"China will adhere to international, legal, and market-based principles to actively and steadily advance the testing of issuance and trading of CDRs," said Li Chao, deputy head of China Securities Regulatory Commission (CSRC), at a forum last Friday.

"China's economy, despite downside pressure, is likely to remain steady this year, as external headwinds may ease in the coming months and the effects of countercyclical macroeconomic policies gradually appear."

"China will become increasingly open, transparent and predictable to foreign investment, and its overall trade investment will be better and better," Li said.

"Chinese consumers have shown huge enthusiasm for 5G smartphones, which has outpaced our expectations," he said. "To tap into this demand, Xiaomi plans to launch over 10 types of 5G smartphones next year."