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China may invest hundreds of billions of yuan in the near future to boost its semiconductor sectors, but the scale is still relatively small compared to industry giants such as Intel, which spends more than billion annually on research and development, Liu said.

China ranks top among 20 world markets in terms of fintech adoption, with 69 percent of surveyed consumer respondents saying they are actively using fintech services, 33 percentage points higher than the global average.

China supports the DPRK’s respective summit meetings with the Republic of Korea and the United States, Wang added.

China officially launched the Internet Plus initiative in 2015, which was designed to upgrade traditional industries by embracing new technologies such as mobile internet, cloud computing, big data, and the internet of things. In just two years, concrete progress has been made, with internet-related technologies revolutionizing sectors such as manufacturing, retail, transportation, finance, and healthcare.

China will also build platforms for Chinese and German companies in the third party cooperation, in a bid to make more opportunities and make the market larger, Wang said.