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An opening ceremony was held Sunday in the Hangzhou Future Sci-Tech City, with more than 1,000 people in attendance. A total of 11 institutions and companies signed 10 agreements on 5G technology at the ceremony. The agreements included cooperation on developing the digital economy and the building of artificial intelligence (AI) research centers and smart vehicle testing platforms.

Andre Morgan, producer of Oscar-winning film "Million Dollar Baby," said China has made a significant leap in its film industry.

Analysts say that ESOPs have become the buyers because they can absorb large amounts of stock, and purchases by ESOPs are often seen as a positive indicator of a company's prospects.

And unlike bigger rivals who are sharpening focus on drawing top-notch brands and selling bigger-ticket items, Pinduoduo targets those in lower-tier cities who are generally more price-sensitive.

Analysts suggested policy makers adopt differentiated approaches as every SOE has its own characteristics, saying the reforms would be a long process, and not accomplished at one stroke.