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Apart from short-term fiscal and monetary policy reactions, China needs to carry out structural reforms to boost productivity growth by further reducing distortions such as those in the allocation of land and capital. Promoting competition and opening-up to encourage greater diffusion of technologies, and stimulating discovery through investment in R&D, including basic research, is also necessary, he said.

Anthos is a hybrid-cloud services platform introduced at the event that is designed to give cloud holdouts an easier way to balance their existing investments in on-premises hardware with newer applications run on Google’s cloud or even competitive public clouds. It’s basically a set of training wheels for companies new to the cloud, but it also will give companies the option of subscribing to the cloud on the monthly basis.

Another 5 bodies found in Thailand boat accident, toll rises to 38: Thai authorities

Another of China's concrete efforts to promote trade liberalisation and open up its market to the world is the first-ever China International Import Expo. This Expo, recently opened in Shanghai, has been welcomed by the international community and hugely successful, attracting more than 3,600 companies from over 172 countries, regions and international organizations, including the UK. It will become an annual event.

Apart from green development, technological innovation is another driving force of Hubei's economy.