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It is sometimes argued that the tech companies provide services free to users, so they must not be hurting consumers. This argument ignores the fact that the Google/Facebook duopoly controls more than 80 percent of online advertising in the US and an even higher portion in Europe. So, they are able to raise advertising rates above those that would be found in a competitive market - thus raising costs throughout the economy. This control of advertising also makes it impossible for a new search engine or social media website to make enough money to get started.

It is also expected to make a profit next year with a goal to expand its operation to more than 500 basketball courts.

It is also important to improve the coordination between the market and the government so that the country's economy can benefit from an efficient market and a facilitating government, he said.

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It lets sellers demonstrate their products via a channel called Kuaishou Small Store. When other users want to buy products they see on the store, they will be directed to the third-party e-commerce sites and the transaction will be completed there. The links to products are added during the live-streaming sessions.

It noted the country's opening up of its financial sector had drawn a positive market response.

It is estimated that China's imported goods and services will exceed 30 trillion dollars and 10 trillion dollars respectively in the next 15 years.

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It is striving to promote robotics and education in science, technology, engineering, art and mathematics (which are collectively referred to as STEAM).

It is finishing building a moderately prosperous society in all respects, with its economic and technological strength leaping to a new level.

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It is also worth noting 90 percent of the polled billionaires with immigration plans said they will return and stay in China after retirement, Hoogewerf said. Chen of Visas added a large number of investors will focus on their business in China even after they have obtained immigration status in another country.

It is a process that will gather pace as the city further opens such sectors as insurance, wealth management and investment banking, he said.