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As China is becoming a large consumer and producer of wine, at the turn of the century the local authorities in Ningxia began to transform the rocky Gobi into an oasis by carting away rocks and leveling the ground.

As Liu concluded in the letter, Shanghai has already grown into an important driver of China's economic development. The city is striving to be a new hub of financial opening-up by exploring integration among finance, technology and industries, he said.

As China is granting national treatment to foreign investment in a more comprehensive manner, many systems should be stipulated by other laws and regulations that are applicable to both home and foreign investment alike, said Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies.

Around 43 percent of the 101 surveyed businesses said they would favor Hong Kong for an IPO, higher than the United States' 25 percent and 23 percent for the mainland's A-Share market.

As Hong Kong's third wave of outbreak hit multiple elderly care homes, the city's COVID-19 toll spiked over the past two months.