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The report expects that industries such as healthcare, life sciences and education, as well as AI and other highly innovative technologies with broad applicability, will continue to attract significant funding in Asia in 2019.

The regulations were adopted at a meeting of the Leading Group for Deepening Overall Reform of the 19th Communist Party of China Central Committee on Nov 20.

The reimbursement rate of China's serious disease insurance scheme, part of the public healthcare system, was increased to 60 percent in 2019.

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The regulation is also required by upholding and developing socialism with Chinese characteristics as well as modernizing the country's system and capacity for governance, the statement said.

The regulation illustrated the responsibilities of related departments and the project process according to the national innovative project launched in 2007, the ministry said in a statement.

The report expects global upstream oil and gas investment to stabilize in 2017. "However, an upswing in US shale spending contrasts with stagnation in the rest of the world, signaling a two-speed oil market," it noted.

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The regulation, which was voted on and passed by city legislators in January, requires every household and institution to sort their trash into four categories — recyclables, kitchen waste, hazardous waste and residual waste.

The renowned expert said he thinks China is going to grow by 2 to 3 percent this year, a more optimistic projection than that of the International Monetary Fund (IMF) and the World Bank, which both forecasted a growth rate of roughly 1.0 percent for China.

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The regulator recently announced its decision to penalize three listed national joint-stock commercial lenders for violations in different categories such as internal control, personal financial investments, interbank investments and loan management. It imposed fines and confiscated illegal income totaling 182.99 million yuan (.72 million) from China Merchants Bank Co Ltd, Industrial Bank Co Ltd and Shanghai Pudong Development Bank Co Ltd.

The relationship between China and the United States has experienced ups and downs all the way along but has kept forging ahead as economic and trade cooperation played the roles of "ballast stone" and "propeller," Hong said.