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Li said education is key to raising the value of the nation's human capital.

Liang Baojun, general manager of China Unicom, will run the new company as its chairman. Hu Xiaoming, president of AliCloud, will serve as its vice-chairman.

Li said Nio also witnessed a record-high vehicle margin of 9.7 percent and its lowest-ever operating losses in the quarter, which were 4.2 million.

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Like many poor villages in China, Shibadong has not only shaken off its economic worries with the help of targeted poverty alleviation, but also has started to explore its own path to realize rural revitalization. However, some contradictions have been exposed in the process.

Li vowed to continue to build the China-ROK Innovation and Entrepreneurship Park, which is located in Chengdu, capital of Southwest China's Sichuan province. He also called for boosting cooperation in emerging industries such as finance, artificial intelligence and big data, and cultivating an inviting environment for investments from each other's companies.

Like Siemens, many Western MNCs with leading technologies and a global footprint have vouched support for Chinese companies seeking to go global and adapt to local markets overseas, in fields like power, oil and gas, chemicals, minerals and building materials.

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Li said the rate of traffic accidents will also be greatly reduced. "The intelligent transformation of the industry will bring conveniences to people's lives and promote economic development," he said.

Li expressed the hope that China and ASEAN can take the China-ASEAN Year of DEC as an opportunity and make good use of the new technological revolution and industrial transformation.

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Li, speaking at the Seventh China-Japan-ROK Business Summit in Chengdu, said the establishment of a free trade zone between the three countries will further give play to complementary strengths and make the trilateral cooperation more beneficial to the three peoples.

Like last year, the festival will keep collecting "China Story" proposals. It also encourages college students from all over the world to participate in the festival, aiming to guide more young people into the industry.