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Another task is to step up reforms for managing State-owned funds and enterprises, to push for the establishment of a company, which is in charge of investing and operating the State-owned capital, as delegated by the State Council. The introduction of regular rules for capital owned by State-owned financial institutions will help accelerate, streamline and centralize the fund management, said Liu.

Apart from facilitating supply-side structural reforms, Liu pledged this year's plan would "notably reduce" the tax burden on manufacturers.

Another source of concern over tech innovation is the fluctuation of cryptocurrencies.

Another panda at the center, Ai Bang, gave birth to twin male cubs on June 12. The weight of each cub has already surpassed 230 grams.

Another report released by China Internet Network Information Center earlier this year backed the new findings, saying the Chinese internet users are becoming increasingly digitally savvy. Of the nation's 531 million online shoppers, 527 million are using mobile payments, up by 12.3 percent compared to the end of 2016.