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The report showed that in 2000, the US spent 8.6 billion on R&D, ranking first in the world. EU was second with expenditures of 3.4 billion. China was fifth at .1 billion.

The report found that in the fourth quarter of last year, luxury spending in China accelerated and then started strong this year, but was soon hit by traffic restrictions and lockdowns due to the epidemic.

The report also said that the central bank has paid close attention to recent cross-border capital flows.

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The regulation also supports express delivery operators in cross-border business by establishing disposal centers in key ports in addition to overseas branches to work with Chinese customs authorities.

The remaining challenge, he said, was for the UK and China to identify a list of projects that third countries want to work on, so that Chinese and UK businesses can start focusing on such projects. Another key area, he added, is to define the standards that make these big projects financeable on market terms in the global market.

The report also said that further trade dispute between the United States and China would spread through cross-border production networks, cautioning that any further escalation, such as 25 percent tariffs on all bilateral trade between the United States and China, would have greater consequences.

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The report from the Sootoo Research Institute estimated that China's internet-based medical industry will reach 90 billion yuan in sales revenue by 2020. The industry is maturing, the industrial chain is gradually improving, and some players are marching from nascence through competition to sector-wide expansion.

The regulation is open for public comment until Nov 10.

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The report exceeded expectations. Analysts surveyed by The Wall Street Journal forecast a gain of 187,000 jobs last month and a 3.6 percent unemployment rate.

The report said they will also create "the necessary power" to promote the China-proposed Belt and Road Initiative, which aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road routes.