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Companies' financing costs have dropped significantly this year. In the first five months, the average lending rate for small businesses with a credit line of up to 10 million yuan was 6.03 percent, 0.67 percentage point lower than in all of last year. The average lending rate for the manufacturing sector was 4.32 percent, 0.46 percentage point less than the beginning of this year, said Ye Yanfei, an inspector in the Policy Research Bureau of the China Banking and Insurance Regulatory Commission.

Conglomerate steps up manufacturing activities across various units in China

Comprehensive strategic and cooperative partnership

Colombo's career in the country began in 2010, when the female founder of a footwear startup based in Chengdu was seeking a world-class designer and met Colombo at an industry expo overseas. The woman asked him to help launch a custom clothing service and improve the skills of workers at the enterprise.

Co-organized by the Cyberspace Administration of China and the Zhejiang provincial government, this year's WIC will run for three days until Oct 22. It has attracted more than 1,500 guests including internet experts, scholars, government officials and technology entrepreneurs.