Gao Xiangming, chairman of TISCO, said the company's R&D expenses account for about 5 percent of its annual sales revenue.

It is built in partnership with China Mobile and Huawei.

China's two leading manufacturing purchasing managers' indices, or PMIs, were both in growth territory in May.

The China Tianjin Bulk Freight Index (TBI), an indicator of northern China's international bulk freight rates, stood at 541.09 points on Tuesday, up 0.05 percent compared with the previous working day.

Profits at industrial firms declined at a slower pace in April as production and sales rebounded amid the nationwide restoration of economic activities, the National Bureau of Statistics said on Wednesday.

"As one of the first national demonstration cities for 5G, Urumqi has provided a primary ecosystem for the commercialization of the network," Yasen said.

Those expecting a boost in Chinese imports of iron ore as happened following the global financial crisis were disappointed.

SOEs' reform will help govt focus on innovation, tech-driven growth, experts say.