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As China continues to crack down on shadow banking activities and clean up hidden local government debt, the overall leverage ratio will stabilize and trend down gradually, Liu said.

Apple shipped the most wireless earphones in China, occupying an 18.1 percent market share, followed by Huawei (10.1 percent) and Xiaomi (8.3 percent). The automatic pop-up, smart wear detection functions and the deep adaptation of TWS with mobile phone systems have also strengthened the brand stickiness of original handset users.

Aron Harilela, chairman of Hong Kong General Chamber of Commerce, said businesses in the city are ideally placed to capitalize on these developments, particularly within the Guangdong-Hong Kong-Macao Greater Bay Area. The chamber's regular business missions to the Greater Bay Area have shown that the initiative is already having an impact. Cities within the cluster, some of them hubs for technology and advanced manufacturing, are eager to work closely with their neighbors for mutual progress, Harilela said.

Appointed CPC Central Military Commission Vice Chairman at the Seventh Plenary Session of the 17th CPC Central Committee

Article 40? The Hong Kong Special Administrative Region shall have jurisdiction over cases concerning offences under this Law, except under the circumstances specified in Article 55 of this Law.