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The report predicted that aerial photography by drone will generate 30 billion yuan alone. The revenue from drones in agriculture, forestry, power inspections and security is expected to be about 40 billion yuan.

The report noted the "profound changes in the media industry and media environment" last year following efforts by news outlets to integrate traditional and new digital media formats.

The regulation approved by the city's legislative authority at the end of January emphasizes garbage classification, separate transportation and treatment.

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The registered capital of the fund stood at 147.2 billion yuan (.02 billion), according to an announcement of CRRC Corporation Ltd, a shareholder of the fund, at the Shanghai Stock Exchange.

The report came just days before President Xi Jinping meets German Chancellor Angela Merkel, European Council President Charles Michel and European Commission President Ursula von der Leyen in a video conference on Monday. The negotiations for a bilateral Comprehensive Agreement on Investment, which both sides hope to conclude by the end of this year, is expected to be high on the agenda.

The regulation will take effect on Sept 1.

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The remarks were made by Chinese Ambassador to the United States Cui Tiankai at a working lunch hosted by US Deputy Secretary of State John J. Sullivan in Washington on Thursday.

The report said improving business environment plays an important role in promoting a city's high-quality development.

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The regulators also decided to forbid a financial institution from using another financial institution, a so-called "channel" firm, to raise and invest asset management product funds to keep such products off balance sheets and thereby avoid many regulatory requirements, such as restrictions on leverage and the scope of investments.

The remark came after the Court of Appeal ruled on Thursday that it was constitutional for the government to introduce the Prohibition on Face Covering Regulation under the auspices of the Emergency Regulations Ordinance during a state of public danger. The ban remains in force at unlawful assemblies and protests, according to the court ruling.