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The biggest challenge for Huawei is how to build an ecosystem almost from scratch. Huawei currently has 910,000 third-party developers on its platform, but they all develop apps on a customized operating system based on Android. The company has to persuade them to adjust the apps for HarmonyOS.

The bank noted "signs of the current mini-cycle peaking" after a notable recovery in demand and corporate earnings, but it said the slowdown in economic growth has been very gradual and will likely remain so.

The biggest player in transport transformation so far is Chile, with over 400 public electric buses in the capital Santiago, which launched the region's first electric bus corridor in October 2019 and has recently added another 40 electric buses. Other Chilean cities, such as Las Condes, Valparaiso and La Reina, are also transforming the way their residents travel.

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The basics of multilateralism should be that international affairs should be handled based on rules agreed to by all, with consideration to the interests and concerns of all parties, he added.

The big three mobile carriers said that current telecom users do not need to change their SIM card and mobile numbers. After purchasing a 5G smartphone, they are able to upgrade their previous 4G package to a 5G package.

The association said the survey of its members will study seven aspects — the ground situation, business environment, government regulations, tax environment, land use and labor, financing environment and comprehensive evaluation, and generate a report based on these factors.

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The base will become one of the largest domestic biopharmaceutical manufacturing hubs, as its production capacity is expected to increase to 64,000 liters, following the completion of its third plant.

The benchmark Shanghai Composite Index shed 5.84 percent to finish at 2898.70 points by the end of May, while stocks on Wall Street were hit sharply, with the S&P 500 losing 6.58 percent over the month to close at 2752.06 points.

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The back-door listing refers to the process that a privately-held company gets included into a stock exchange by purchasing a publicly-traded company.

The ban was first introduced to the island in 2002, covering shops such as supermarkets, chain stores and convenience stores. Since then, at least two billion plastic bags have been saved each year. It is estimated that another 1.5 billion plastic bags will be saved annually after the extension of the ban.