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The regulation targeted Moutai mainly because of its special relationship with Guizhou and its huge impact on the province's development, Yang said.

The relaxation on duty-free products is expected to unlock more domestic consumption potential and make Hainan a more attractive shopping and touring destination for international travelers.

The report pointed out several pain points of the world IoT, including lacking business system and mode to product goods for the public and lacking unified global standards.

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The report quoted an official with the National Development and Reform Commission saying that the reform would introduce strategic investors, improve corporate equity structure, enhance build-up of board of directors and explore better ways to integrate leadership of the party and corporate governance.

The registration-based IPO system, together with the Nasdaq-like STAR Market where the new system was tested, was initiated by President Xi Jinping in November 2018 to streamline the country's capital market infrastructure. The first 25 companies started trading on the STAR Market on July 22, 2019. With the successful IPO of e-commerce supporting service provider Hangzhou Raycloud Technology on April 29, the number of companies listed on the STAR Market has now hit 100.

The regulator also encouraged banks and insurers to largely increase medium-to long-term funds they provide to the advanced manufacturing industry and strategic emerging industries, along with combining efforts to keep employment stable to serve private and small businesses.

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The report also said the advent of the 5G era would improve the reading experience for Chinese readers.

The report is based on research from 73 percent of the global population - a total of one billion households in 43 markets across five continents, covering 75 percent of global GDP.

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The report said 1.11 out of every 10,000 orders were suspected to be fake products, 26 percent below the previous year.

The renewable share of energy consumption in 2017, which includes hydroelectricity, biomass, and other renewables such as wind and solar, was 11.3 percent, the highest since the late 1910s. The largest growth in renewables over the past decade has been in solar and wind electricity generation.