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China's biggest internet companies are building the infrastructure to support big data, particularly through the proliferation of mobile payments and growing cloud-computing operations, Bloomberg Intelligence (BI)'s latest report on China's retail industry.

China will endeavor to remediate damaged ecological systems in major river basins and restore aquatic animals and plants there during the 14th Five-Year Plan (2021-25), a senior environmental official said.

China's big data sector aims to increase its annual sales to 1 trillion yuan by 2020 from an estimated 280 billion yuan in 2015, said a plan released in 2017 by the Ministry of Industry and Information Technology.

China will merge the China Banking Regulatory Commission and the China Insurance Regulatory Commission to form a new organization that will more efficiently manage the two sectors, under a draft plan for State institutional reform released on Tuesday.

China will promote market-based allocation of factors of production including land, labor and capital, while accelerating the development of the market of technology and data factors, it said.