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As the private sector has become the main contributor to job creation and technological innovation and an important source of tax revenue, it will play a critical role in developing the market economy, transforming government functions, transferring surplus rural labor and exploring the international market, said Sang Baichuan, an economics professor at the University of International Business and Economics in Beijing.

As the Chinese economy switches gears to slower, sustainable growth driven by domestic consumption, the services sector is opening up more business opportunities for global players.

As the son of a veteran hydrological monitor, Hui was a regular visitor to his father's station. He remembers that the monitoring procedure was so dangerous that people regularly fell into the river while operating the equipment.

As the government plans to introduce a mandatory national standard for both home study and classroom lighting, Lim said more Chinese schools will equip themselves with next-generation lighting products over the next three years. Signify plans to generate more sales revenue from this fast-growing area.

As the new rules require the proving of the existence of a "significant market distortion" for calculating dumping, the Commission on the same day published its first country report on the so-called "state-induced distortions" in China, which the EU industry may rely on as evidence to continue using the analogue methodology in anti-dumping probes.