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As the world of commerce was temporarily paused due to COVID-19, Lothar Herrmann, president and CEO of Siemens AG China, believes that the digitalization trend has been fast forwarded. Innovation, in particular, has become a decisive factor for countries to lead and win in the digital age.

As recently as 1990, just a quarter of Chinese lived in urban areas. But by the end of 2017, that had shot up to nearly 60 percent. It's the largest urbanization ever seen in history, requiring whole new cities built where there were once small villages.

As to domestic drug manufacturing, it said that drug production activities were migrating to regions with weaker control, due to strengthened drug control measures in Southeast China's Guangdong and Fujian provinces.

As the current visa regulations stand, they do not allow state schools to educate international students for longer than four weeks on an education visit. But independent schools and further education, or FE, colleges can sponsor tier 4 study visa for overseas students aged between 16 to 18.

As the Foreign Investment Law approved by the national legislature will take effect starting from Jan. 1, 2020, the ministry is mulling supporting regulations and feasible rules to foster a stable, transparent, predictable and level playing market environment, Wang said.