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China also lowered the tariff on imported industrial products last year. Beginning from July 1, the 20-25-percent tariffs for imported vehicles were cut to 15 percent, and duties on auto parts were lowered to 6 percent from the previous levels of 8 to 25 percent. At the same time, duties on more than 8,000 types of industrial products were also lowered to different extents.

China and the European Union have maintained steady development of bilateral economic relations, adding stability to the global economy, which is shadowed by mounting uncertainties.

China Mobile's net profit slid 9.5 percent year-on-year to 106.6 billion yuan in 2019, as an increase in operating expenses ate into revenue, which inched up 1.2 percent to 745.9 billion yuan.

China Mobile vice-president Jian Qin said the carrier has invested "the most" in Shanghai to help the city expand its 5G network and nurture related applications, thanks to its solid infrastructure in many aspects.

China announced a decision to make Hainan island a pilot free trade zone and gradually a free trade port with Chinese characteristics on Friday. A free trade port represents the highest level of opening-up.