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And the process of poverty alleviation has been further speeding up since the 18th National Congress of the Communist Party of China in 2012. From 2013 to 2016 alone, 55.64 million people in China had been lifted out of poverty. The number is estimated to be more than 10 million in 2017, which means China has helped more than 13 million people out of poverty on average each year during the past five years.

Analysts said the modem is designed to compete with the US chip giant Qualcomm Inc's X50 modem in performance. Huawei underlined that it will not sell Balong 5000 as a standalone product, but just use it in its own smartphones.

Analysts warned that the US risks underestimating China's capability to hit back if it continues to impose tariffs on more Chinese goods.

Analysts said demand for gold jewelry in China has been driving the global gold industry for long. "Demand for gold jewelry had bottomed out in 2016 after a strong price recovery curbed jewelry spending that year, amid world economic growth challenges and weaker consumer sentiment," said Zhu Yi, senior analyst of metals and mining at Bloomberg Intelligence.

Analysts said the B5 pilot project, if it proves to be an unqualified success, would help further promote the application of biodiesel, an alternative energy that might have significant influence on the country's energy security.