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"China's impressive economic development and Israel's innovative technologies are complementary to each other and present vast potential for mutual benefits," said Ophir Gore, head of the Trade and Investment Mission at the Embassy of Israel in Beijing.

"Currently, our focus is on using underground space for utility, transport, storage and industrial facilities to free up surface land for housing, offices, community uses and greenery, to enhance livability," he said.

"Compared with large State-owned commercial banks and national joint-stock commercial lenders, city and rural commercial banks, also known as small and medium-sized banks, are weaker in terms of the capital adequacy ratio. They also demonstrated significant regional differences in their interim results. Some of them are financially stable, whereas some are facing major risk exposures," said Michael Hu, PwC China financial services partner.

"Chinese people are used to paying for things with their phones, so it will be like home for them," Wei said.

"China will continue to maintain steady momentum, advance structural reforms, promote high-quality economic development and seek progress," said the senior official.