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China is hosting the assembly through Friday, more than two decades after hosting the 64th session in 1995. Participants from 158 countries and regions gathered in Beijing for the conference.

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 is a world leader in mobile payments, according to projections by eMarketer. By 2021, 79 percent of smartphone users will be tapping, scanning and swiping at points of sale. By comparison, the US will have almost 31 percent of users doing so, and the corresponding figure will be 22 percent in Germany.

China hopes the United States will appropriately address issues regarding Taiwan by honoring the one-China policy and the three key bilateral joint statements made to date, President Xi Jinping told US President Donald Trump in a telephone conversation on Monday.

China is expected to have 242 million people aged above 60 by 2020, accounting for 16.9 percent of the population. In addition, the figures are expected to rise to 346 million and 23.8 percent by 2030, before peaking in 2050 at 454 million people aged above 60, accounting for 32.8 percent of China's population, Hu Angang, a scholar from Tsinghua University wrote in a recent report.