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"China has made breakthroughs in a number of key technologies and equipment, including nuclear power, unconventional oil and gas, and gas turbines," he said, adding that innovation in areas such as smart grids, electric vehicles, large-scale energy storage and energy big-data are becoming increasingly dynamic.

"By May 2018, cyber celebrities with a fan base of more than 100,000 increased 51 percent from a year ago and their total followers surged 25 percent to 588 million," said the report titled 2018 China Online Celebrity Economic Development Insight. It was jointly published by market research consulting firm iResearch and social media platform Sina Weibo on Tuesday in Shanghai.

"China is trying to address the concerns that have been raised since the last Belt and Road Forum two years ago. One of these concerns is the need for infrastructure projects to be more responsive to the local circumstances of BRI member countries."

"China and the United States have over 80 percent of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population," he said.

"China has an indirect financing-oriented financial system and banking loans play a leading role in social funding," said Pan.