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Hyundai has also canceled goals for direct dealer purchases from its car plants to prevent rising inventory and extended promotional policies.

Huawei has put forward an enhancement program to strengthen software engineering which will allocate billion within the five coming years. In addition, the company will open a cyber security center in Brussels next month.

Huawei was put on the US Entity List in May, which banned it from buying technologies originating in the US without special government approval.

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Husayn Remtulla, Alibaba customer and chief executive officer of Viva Naturals, said: "As a small Canadian company with no physical presence in China, we're delighted by the success we've experienced there, which has surpassed our expectations."

Huawei is now one of the world's top three smartphone vendors, and Yu said it is "possible" for the company to claim the biggest global smartphone market share this year.

I am worried to see that total investment in real estate grew by 11.8 percent year-on-year. Having lived through the 2008 financial crisis in the United States, I'm wary of continued high investment in real estate in a time when property prices are already astonishingly high and China's living space per person has already surpassed that in Europe.

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Huawei's consumer products chief Richard Yu raised the ante Friday, saying the company could overtake South Korean giant Samsung by late 2019.

Huang Rui in Beijing contributed to this story.

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Huawei unveiled last month a new high-end artificial intelligence chip for servers, Ascend 910, which it claimed to be "the world's most powerful AI processor" targeted at AI model training.

I believe the environment, along with air quality, will continue to improve. I also believe that innovation will become an even bigger part of GDP (gross domestic product). Based on various reforms, I expect to see an improved industrial, or business, landscape.