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"Every year, we will identify promising lawyers recommended by local lawyers' associations, who will receive special, practical training in Chinese universities. Then, we will recommend the most promising lawyers to institutions or large firms overseas for further training and communications," Wang said.

"Declining car sales may speed up the process of squeezing out the incompetent players and we may see some of them exit the market next year."

"Despite the massive size of the country's SOEs, there is an obvious gap between them and world-class enterprises in the West," he said. Xiao added that at present, SOEs are mainly reliant on the domestic market, but as China continues to open up, their internationalization should be promoted further.

"Developers are the key to changing the computing world. They are the engine of enterprise innovations, and the soul of new industry ecosystems," Hou Jinlong, president of Huawei's Cloud & AI business group, said.

"Enhancing communication and cooperation is in accordance with the common interests of China and South Korea. Both sides agree to return communication and cooperation in various fields to the normal track as soon as possible," the Chinese Foreign Ministry said in a statement.