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The move by the government to lower deficit targets reflected the country's solid growth, which has supported a steady increase in total revenue, said Martin Petch, a senior credit officer at Moody's Investors Service.

The move came as about 19 percent of shares in the company, or more than 3 billion, opened to free trading on Wednesday, after a six-month lock-up period expired following its IPO last year, according to data compiled by Bloomberg.

The more conservative bill the House rejected last week clamped down on legal immigration and provided no way for the young immigrants to become citizens.

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The nation has carefully managed its rapid growth in recent decades to avoid the problems faced by other fast developing Asian metropolises, such as overcrowding and traffic chaos.

The nation's largest on-demand service provider Meituan launched an open platform for autonomous delivery on Wednesday to accelerate the application and commercialization of autonomous technologies in its online delivery business.

The move to clarify punishments came after Zhao Chunhua, an owner of a carnival balloon-shooting gallery in Tianjin, was sentenced to three and a half years in prison for illegally possessing guns in 2016.

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The mobile video streaming sector will enter a transition period, highlighting the importance of social networking functions and valued-added content.

The move is in line with the Chinese government's national AI development plan which called for more efforts to cultivate AI talents so that the country can lead the world in its R&D and application.

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The move also comes as wider use of 5G technology is expected to open up new possibilities for VR and augmented reality technologies, and the industry is now at the tipping point for growth.

The move comes as the streaming giant continues to expand globally, with the Chinese market too big to leave out. In 2016, Netflix forayed into 130 countries including Iran and North Korea.