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As China already made a breakthrough in high-strength bearings made by Taiyuan Iron and Steel (Group) Co earlier this year, the country will be able to supply parts and equipment to domestic and foreign railway service operators in a more cost-efficient way.

Around 30 percent of IPO applications were rejected in 2018, while the figure was only 17 percent a year earlier. Some 150 companies' IPOs were terminated this year, up 36 percent from 2017.

As Chinese companies diversify their assets, he also expects the increasing outward direct investments into the region.

As China's future development will rely on technological innovation, Binding said that the international communication in future-oriented fields at the early stages between China and its global partners were also very important for the industrial layout internationally.

Apple said on Thursday that it has complied with local laws and regulations, and that it published guidelines that apply equally to all developers in every country in which it operates. The company also said it would continue to expand the local developer relations team in China and was working hard to offer developers better services.