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Zhang Guomin, president of Tianjin Oves Musical Instrument Co Ltd — another market leader with annual sales of up to 70 million yuan — said the low-end market has an average profit of lower than 7 percent, while the high-end market saw profits of up to 30 to 40 percent.

Zhang is also a former member of the Standing Committee of the Communist Party of China (CPC) Hebei Provincial Committee.

Zeng Gang, director of banking research at the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said: "The regulatory approval of CITIC aiBank signifies innovation within banking institutions in adaptation to the growth of the internet-based economy. It will open a new space for traditional banks to do business and risk control online, thus better serving the real economy. And the regulators will also experiment with issuing more direct banking licenses."

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Zhang called for more subway supervision, quicker police response and punishment, as well as better education on sexual harassment.

Zhang agreed, saying successful emerging short video apps could squeeze out livestreaming providers.

ZARA opens its biggest store in Asia. [Photo provided to chinadaily.com.cn]

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Zhang also asked officials responsible for the case to publicly apologize to him through the media, the lawyers said.

ZTE has invested heavily in 5G research and development since 2009, with about 3,000 technical experts working on the field developing core technologies, Zhang said.

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Zaizi said that she and her girlfriend both informed their parents before the registration.

Zhang Xuegang, a Southeast Asian studies expert at the China Institutes of Contemporary International Relations, said the consultation is crucial in ensuring proper handling of the South China Sea issue. It also "provides a model to neighbors with territorial disputes", Zhang said.