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Another highlight was Cytiva's support of Clover Biopharmaceuticals to scale up the output of its vaccine candidate, paving the way for the production of COVID-19 vaccines in the future.

Another 16 were convicted of illegally absorbing public deposits.

Apart from CCB, several other commercial banks such as Bank of China Ltd and China CITIC Bank Corp Ltd, as well as internet giants such as Alibaba Group Holding Ltd and JD.com Inc, also announced their plan to enter the rental housing market.

Another report released by the SIC earlier this year showed China's sharing economy saw transactions worth 2.94 trillion yuan last year, up nearly 42 percent year-on-year.

Apart from performance, Chinese brands have also optimized their after-sales services. Redmi, a sub-brand of Xiaomi, was the first in the industry to offer an 18-month guarantee. Insiders said that this reflected the brand’s confidence in its products, which would help it gain more customers.