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Another decision made at the meeting said the procedures that a new firm needs to go through to become initially operational will be further streamlined. The whole business registration process will be conducted online. Government approval of the names of businesses before registration will no longer be needed unless specifically required.

Anyone seeking to decode the secrets behind the rise of the two stellar companies could do worse than just look around any Beijing subway carriage. Almost every passenger, young or old, white collar or construction worker, is very likely to have their eyes fixed on a smartphone screen.

Annual cargo surpassed 1 billion metric tons at Ningbo Zhoushan Port in 2018, making the port the first in the world to exceed such volume.

Another new growth engine, coming from Macao and Zhuhai's collaboration, is the traditional Chinese medicine business, Zhou said.

Apart from the task of assisting all kinds of companies with their funding demand through the multi-level capital market, the country's securities regulator has also been on the lookout for market risks, rolling out measures to strengthen regulation and risk control.