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Li said investors also had concerns about the collateral risks in A shares, which could be another reason for the weak market condition.

Li said that the IPO is a big challenge for a 4-year-old startup, especially in the mature and highly-competitive auto industry.

Li said the rebound in investment is attributable to the steps the country has taken in recent years to reduce leverage levels, cut taxes, and phase out excessive industrial capacity, which aimed to replace old growth drivers with new ones, as well as tax cuts.

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Li explained that the new policy also will further simplify exit and entry procedures for yachts between Hainan, Hong Kong, and Macao, which will enable yachts from the two special administrative regions to sail between designated checkpoints in Hainan without having to complete entry procedures, as required before.

Liang Bin, deputy director of cybersecurity management for the Ministry of Industry and Information Technology, praised Alibaba for supporting the government's efforts to protect the online environment at the opening ceremony of a two-day cybersecurity summit in Beijing on Tuesday. The summit was arranged by the Internet Society of China and Alibaba.

Life was not difficult for Shi, but he was far from prosperous.

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Li said the documents have been revised since February, in line with China's work on coordinating epidemic control and economic and social development, with an eye on the domestic and overseas situations the country faces, especially the pandemic.

Like many other people around the world, Fan was amazed by the economic "miracle" that Shenzhen has been able to achieve in 40 years.

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Li said the central bank is confident it can keep the rate "basically stable at a reasonable equilibrium level" supported by the stable fundamentals of the Chinese economy.

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.