The report by the Centre for Economics and Business Research in London sees India leapfrogging the UK and France next year to become the world's fifth-biggest economy in dollar terms. It will advance to third place by 2027, moving ahead of Germany.
The remarks came in an annual report of the LegCo Commission, reported by several local media on Thursday.
The report points out that restricting Chinese companies in 5G could potentially impair the market vitality of the ICT (information and communication technology) sector, and the EU's leading position in the global supply chain, which would result in a lose-lose situation.
The relevant Chinese law has explicit provisions on foreign military vessels' entry into the territorial sea of China, Lu said.
The regulator is seeking a balance between easing the IPO backlog and improving the quality of listed companies.
The relief-through-consumption strategy has gotten an intensified push this year as China nears victory in the anti-poverty fight. It gained new significance after the pandemic and floods.
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The report came as China recently eradicated absolute poverty domestically against the headwinds caused by the COVID-19 pandemic, which according to an estimate by the World Bank, could plunge 70 million to 100 million people into poverty globally.
The region is also at greater risk of forest fires because of the high temperatures and low humidity.
The report acknowledged that China has been a leader in the global fintech revolution, "with new technology-driven providers transforming how Chinese consumers make payments, borrow, save, insure themselves against risk, and invest".
The report also said yuan-denominated private equity and venture capital funds were stepping up their pace of moving abroad. It said they were looking for overseas companies that were serving the Chinese market, or purchasing foreign assets and selling them to A-share listed companies.