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As China has a great trade surplus and export strength, more open capital market and optimistic treasury bond yields, the exchange rate of renminbi will be stable in the near future, according to Citigroup.

As Leung explained, equipment manufacturing as well as research and development are included in the Made in China 2025 strategy. These companies usually invest heavily in their early days in machines, plants and all other related facilities. It will take a long time before they finally register sales and profits. With the new policy, the VAT can be retained, which means that companies can enjoy a tax rebate when they eventually report sales results. It can largely secure their cash flow and relieve this tax burden.

As Chinese Foreign Minister Wang Yi said on Friday, if the US wants to create new troubles in Sino-US relations, ultimately its actions will backfire. He urged Washington to fully recognize the gravity of the Taiwan question and "honor its promise of adhering to the one-China principle".

Apple Inc, an American multinational technology company headquartered in Cupertino, has denied accusations of treating Chinese developers unfairly and stated iOS App Store guidelines apply equally to all developers across the globe.

As Indonesia gears up for its presidential election on April 17, the vote, which will be held concurrently with parliamentary elections, will see a rematch between the two candidates who faced off in 2014: incumbent President Joko "Jokowi" Widodo and Prabowo Subianto, former commander of the Indonesian special forces.