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"Greater efforts should be made in streamlining administration, compliance oversight and offering better services. An internationally competitive business environment would have equal treatment for domestic and foreign enterprises and stimulate market entities and social creativity," according to the State Council.

"Globally, as well as in China, a key bellwether, smartphone consumers are trading up to more premium devices, but there are no longer as many new smartphone converts, resulting in shipments dropping," said Melissa Chau, associate research director with IDC's Worldwide Mobile Device Trackers.

"Going forward, the association will also work to make value-added fertilizers more nutrient-efficient and environment friendly," said Zhao.

"Going forward, we will continue soliciting our sectors of capital management and asset management to further expand our (city renewal) projects in China."

"Given the fact that the auto industry is moving very quickly towards high-level automation, a higher level of shared mobility and electrification, this is a very important aspect because that's where a lot of the innovation will occur."