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Another such joint venture is New York University Shanghai, a Sino-US research institute established by New York University and East China Normal University. The university bid farewell to its first batch of 280 graduates from 27 countries in May. About half of them went to graduate schools, mainly in the US, while the rest have already found jobs, according to the university.

Ankai entered Saudi Arabia in 2007. Its first major order came in 2011, a year when the company exported 3,000 school buses to the country. It was the largest export order of buses from China then, and also the largest bus export order for Saudi Arabia ever won by Chinese automakers.

Annual income of residents rose from 15,700 yuan in 2018 to 17,300 yuan last year, the local government said.

Another way is to reduce the rates of medium-term lending facility to guide down the benchmark lending rate (loan prime rate or LPR). These tools aim to support flow of credit, at lower financing costs, to spur economic growth.

Another key driver of domestic consumption and economic growth is China's urbanization, which could give rise to stronger demand for production materials such as steel and cement, he said.