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Around 41 percent of antitrust cases investigated by the former State Administration for Industry and Commerce involved State-owned enterprises, with foreign-funded ones only accounting for about 10.7 percent, Wu said at a news briefing.

As Leung explained, equipment manufacturing as well as research and development are included in the Made in China 2025 strategy. These companies usually invest heavily in their early days in machines, plants and all other related facilities. It will take a long time before they finally register sales and profits. With the new policy, the VAT can be retained, which means that companies can enjoy a tax rebate when they eventually report sales results. It can largely secure their cash flow and relieve this tax burden.

Arroyo said China's success in past decades has been due to its market-oriented reform and she believes China, under President Xi's leadership in the new era, will continue that direction.

Apple took the top spot for the second straight year among all U.S. consumers. Amazon finished second, but also was first among only millennials.

Aron Kwok Wai-keung remains cautiously optimistic about competing in the Provident Constituency of the 2019 District Council election on Sunday.