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The renovation projects will prioritize communities built before 2000, focus on improving supporting facilities and civic infrastructure, and improve the level of public services in communities such as aged care, infant day care and healthcare, the Cabinet said.

The remarks came after China and ASEAN agreed to strengthen economic ties in the digital economy during the 22nd ASEAN-China Summit held in Bangkok in November.

The report added, "Recovery for global food and fuel prices and in agricultural output will help commodity producers such as Indonesia, Malaysia, and Vietnam. Indonesia, the largest economy in the subregion, should see fiscal and structural reforms boost domestic demand."

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The report said both big and small Chinese gaming companies are expanding their business overseas. Some set up overseas operations, while others gain a footing through merger and acquisitions.

The report also showed that 16 of the 20 cities with the highest spending on nighttime dining were in South China, and that people between the ages of 20 and 40 accounted for most of the spending.

The report projected that China's photovoltaic modules capacity will further expand 8.5 percent to 83 GW this year, with nearly 50 GW exported to the overseas market.

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The report shows that nearly half of the spending went to compulsory education, followed by higher education, ranking as the second-highest among all categories.

The relief measures aim to stabilize growth and confidence and prevent a downward spiral in the economy, Chan said, stressing that the government will properly use fiscal reserves to go through the difficult time along with Hong Kong residents.

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The report revealed that in 2018, a victim's average financial loss caused by online fraud was 24,476 yuan (,618).

The report came as China and the EU are advancing negotiations on a bilateral investment treaty. The two sides aim to make significant progress this year and reach consensus on a high-level treaty in 2020, according to the Ministry of Commerce.