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As China's most diversified insurer, Ping An has tapped into sectors from banking and financial services to the internet and health care. The number of its internet users has reached as many as 538 million.

As 5G radio waves travel at much higher frequencies, and so have less range, the density of 5G base stations will have to be far higher than 4G, just to cover the same area, meaning that total spending on 5G will be far higher than that of 4G, Wang added.

As China's demographic dividend is disappearing gradually, an increasing number of Chinese firms are seeking opportunities in global markets.

Art designers of Babybus show children how to make cartoons and explain the hand-painted board functions during a kindergarten activity in Fuzhou, Fujian province, in November 2019. [Photo provided to China Daily]

As China's financial regulation has been further tightened during the past year, especially to limit the less-transparent and high risky shadow banking activities, commercial banks are facing increased pressure on capital management－which is usually one of the central approaches to prevent risks.