Wang formed factions and cliques and breached the Party's eight-point frugality rules issued after the 18th CPC National Congress in 2012, the statement said.
Wang is under both disciplinary and supervisory investigations, according to the Communist Party of China Central Commission for Discipline Inspection and the national supervisory commission.
Wang believes total investment this year will surpass last year's 801.5 billion yuan, as both the central and local governments are active in the field.
Wang Lei, president of Alibaba's local services company-Ele.me and Koubei-said the new services, which center on digitalization, are creating more jobs and helping upgrade the traditional services sector.
Wang Zhengzhi, senior partner at the Beijing Globe-Law Law Firm, said: "The priority is to cultivate a team of lawyers specializing in cross-border lawsuits. We must pay attention to training talented personnel and encourage them to be active in international forums to communicate and share their experiences with our competitors, and improve their practical abilities."
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Wang said that the ministry is considering making an industrial catalog to encourage foreign investment and advance large projects.
Wang Yi, head of China Economics with Credit Suisse, said that the rising prices of raw materials, such as crude oil and iron ore, have pushed up costs, while additional tariffs and uncertainties caused by trade tensions also dampened profit growth.
Wang Shouwen, China's deputy international trade representative, made the pledge when the World Trade Organization opened a session to review China's trade policy.
Wang Qi, vice-chairman of China Alcoholic Drinks Association, said that China has become the world's largest market for spirits consumption.