The company has stepped up spending on research and development. Its R&D spending jumped 18.66 percent year-on-year in H1, with that on cloud network equipment and industrial internet surging 49.94 percent.
The company announced that it will devote resources worth 200 million yuan (.32 million) to strengthening cooperation with third-party companies, such as home appliances maker Midea, to build a vibrant IoT ecosystem.
The comments came after Liu He, a member of the Political Bureau of the Communist Party of China Central Committee, said in Davos in January that the country would take concrete measures to further open up.
The commercialization of 5G will be beneficial to both consumers and enterprises. Because internet of things, which is based on 5G, is one of the several channel innovations in the process of digital transformation, Fu said.
The companies will test the 5G technology, build base stations, and launch applications such as autonomous driving, smart cities, and smart homes based on the network, according to the report.
The commission has kicked off the reforms by allowing qualified companies in high-tech and strategic emerging industries to list on the ChiNext through reverse mergers from last Friday.
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The committee, which was formed on March 19, also found that the company's costs and expenses were inflated by 1.34 billion yuan in 2019 and the fabrication of transactions began in April 2019.
The company employs 600 people in the US, 93 percent of whom are local residents. He said the company is a socially responsible partner at its US branches.
The commission found that the new pact would modestly raise the price of US cars and reduce sales. It would create 30,000 jobs in American auto parts plants but cost 1,500 jobs in factories that assemble cars.
The company expects the all-new BMW 5 Series Li to raise that benchmark and be a forerunner for the Chinese automotive industry in terms of technological advancement, state-of-the-art manufacturing, and innovative production.