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Another investigation uncovered a fake drug production workshop in a remote mountainous village in central China's Hunan Province. In late August, police caught eight more suspects and seized a large amount of fake drugs and production materials there.

Ant Financial, an affiliate of Hangzhou-based tech titan Alibaba, announced last month that its Alipay has entered local bus networks in 50 domestic cities. This service would reach 100 cities this year, including third- and fourth-tier cities.

Another particularly bright spot is the development of the sharing economy in manufacturing. In 2017, more than 200,000 companies were offering services via platforms that share production capacity, industrial design and other capabilities. The trend has created a market worth 412 billion yuan in the past year.

Ao Li, head of technology and standard institute at the China Academy of Information and Communications Technology, said: "Influenced by the epidemic, the country's telecommunications industry has seen slowed growth pace to some extent but it is obvious that the industry has withstood the test."

Apart from pushing ahead joint inspections, Yi also called for the establishment of a joint law enforcement alliance on the basis of mutual trust, to combat cross-border securities crimes, adding that China will provide law enforcement assistance in accordance with multilateral law enforcement cooperation arrangements.