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Xiaomi's revenue growth also slowed down during the quarter ended in June 2019. Its revenue rose 15 percent to 51.95 billion yuan (.36 billion) from April to June. In comparison, Xiaomi's revenue grew by 27 percent in the first quarter of the year.

Xinjiang Bayi Iron and Steel Co said its net profits surged more than 30 times last year to 1.17 billion yuan (about 5 million). Its operating revenue rose 69.44 percent to 16.76 billion yuan.

Xu Jianhong, an official at Huocheng county's bureau of housing and urban-rural development, said 29 key projects have resumed construction in the city, with 700 workers trying to make up for delays caused by the epidemic.

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Xi, in his letter, praised the family's safeguarding national territory for two consecutive generations, thanked those who made loyal contributions to safeguarding and strengthening the country's borders, and encouraged the herders to build their hometown into a beautiful one.

Xian Guoyi, director-general of the department of trade in service and commercial services at the Ministry of Commerce, said: "For the next step, the government will pay a great deal of attention to the development of digital technologies to enhance its service capacity during the new round of opening up in the services trade."

Xiaomai plans to use the cash to build up its supply chain and upgrade its products and system. Most of the outlets are only 20 square meters, the size of a tiny room, and sell about 600 different kinds of products.

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Xu Zewei, deputy of Beijing People's Congress, suggested on Wednesday stepping up the controls, including increasing efforts to shut down unqualified or polluting enterprises.

Xiaomi's move comes after Chinese tech peers like Alibaba Group Holding Ltd and Tencent Holdings Ltd have already established a beachhead in the India internet finance sector via investments.

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Xu Jieping, CEO of Plug and Play China, agreed, saying that the Chinese market has tended to be more rational in the past few years.

Xu Jingbo from Soochow University said the trend demonstrates that Chinese are increasingly willing to show their individuality, and need something fresh to enrich their mundane lives.