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The country officially kicked off 5G commercial use in 2019. Telecom carriers have invested a lot to build a 5G network, while mobile phone producers have scrambled to introduce 5G smartphones.

The country has been stepping up efforts in recent years to offer foreign investors wider access into the domestic financial market. The Shanghai-Hong Kong bond connect program was approved in May this year, which allows investors from both sides to trade bonds on each other's interbank markets.

The constantly reported defaults of trust products and the bankruptcies of peer-to-peer lending platforms have affected investor sentiment and preferences. Combined with the decreasing risk-free interest rate, the long-term investment value of undervalued companies has thus been magnified.

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The cooperation is expected to cultivate 1,000 people in three years.

The country will further comprehensively deepen its reform, spur innovation capability in all walks of life and unleash the dynamics of development, Xi said.

The country should encourage the international community to jointly shoulder the duties that arise through economic globalization and work together to tackle the challenges that develop, Xi said on Monday, when he presided over a group study session of the Political Bureau of the CPC Central Committee.

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The country will also learn from international practices to foster medium and long-term investors while making it easier for all kinds of asset management products to enter the capital market according to relevant standards, the statement said.

The country will basically form the institutional framework and policy system for the renovation of old urban residential areas by 2022 and strive to finish the rebuilding of all communities that need to be renovated by the end of 2025, according to the guidelines.

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The continuous heavy rain has caused natural disasters including landslides and flooding.

The consumer electronics unit, which makes TVs, washers and fridges, logged an operating profit of 560 billion won on revenue of 10.2 trillion won. The profit was slightly up from the prior quarter.