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As Hu explained, deposit will no longer be necessity when the merchants or service providers can seek enough profits and little risk. Some industries, which have seen rapid growth in the past few months, are starting to be less reliant on deposits and resorting to business models that are reliant on rental income.

As China continues to open up to the outside world and further promote the Belt and Road Initiative, it will firmly safeguard the open world economy and multilateral trading system, and will oppose trade protectionism and unilateralism, creating more opportunities for nations in Africa and worldwide, he added.

Artificial intelligence startup Roadstar.ai has announced plans to produce more than 1,000 self-driving electric vehicles by 2020 and to expand its presence in overseas markets, such as Japan, Europe and North America.

As Chinese people pursue a more healthy and happy life, they are willing to treat their furry friends equally. Domestic pet food makers are catching up with the trend, said Zhao Haiming, general manager of Pure & Natural, a Chinese pet food brand.

As China attaches high importance to the construction of new infrastructure including AI, 5G and the internet of things, demand for professional talent is expected to surge even further.