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"China will execute a more proactive opening-up strategy in Hainan and build an important gateway for opening up toward the Pacific and the Indian Ocean," said Wang Shouwen, vice-minister of commerce.

"Currently, we have built the complete industry chain which is made up of the BeiDou Navigation Satellite System (BDS) basic products, application terminals and systems, and operation services," said Ran Chengqi, director of the China Satellite Navigation Office.

"Continuous progress is being made in mergers and acquisitions among SOEs, involving not only the fusing of management but also resources and corporate cultures," Peng said.

"Compared with the previous round of property development, which is mainly fueled by investment, the new round of development is driven by consumption," said Nie Meisheng, founding chairman of China Real Estate Chamber of Commerce, at the 2020 annual meeting held from Dec 13 to 14. She also said digital technology will play a pivotal role in empowering buildings and communities.

"Chinese shoppers, in particular those born in the 1980s and 1990s, love living a comfortable life ... they like traveling, care about their individuality, and have different pursuits to match their lifestyle," said He Xiaoqing, global partner at A.T. Kearney, the US-based management counseling firm.