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Apart from short-term fiscal and monetary policy reactions, China needs to carry out structural reforms to boost productivity growth by further reducing distortions such as those in the allocation of land and capital. Promoting competition and opening-up to encourage greater diffusion of technologies, and stimulating discovery through investment in R&D, including basic research, is also necessary, he said.

Apart from business innovations, banks are also innovating their mindset and solutions for risk management in free trade zones.

Apart from giving simulated classes, the contestants also had to answer questions about Chinese culture, such as what are "the Four Great Classic Novels", "the Four Great Inventions of Ancient China", the customs of traditional Chinese festivals, and the 12 Chinese signs of the zodiac.

Ant Financial Services Group, operator of China's largest e-wallet Alipay, announced on Wednesday it will roll out a local commerce feature to better connect merchants and customers using big data analysis.

Apart from launching more international flights and optimizing local aviation business, China Eastern will strive to build a Silk Road in the sky with the help of an industrial chain. The chain, to be co-built by all the parties concerned, will span segments like aviation manufacturing, air hubs, aviation transportation, maintenance and finance, He said.