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GENEVA - Over the past 17 years since its entry into the World Trade Organization (WTO), China has brought significant opportunities and made great contributions to world economic and trade growth, said a senior Chinese official on Thursday.

Fu Xuanchao, director of Hainan's development and reform commission, said a decline in the real estate investment, which has long been the top driving force of Hainan's economic growth, was the main cause of the lower GDP growth.

Full-year tax and fee reductions for this year is expected to be more than 2 trillion yuan (6 billion), and the manufacturing industry, as well as the small and micro enterprises will benefit the most. For instance, about 70 percent of the value-added tax cuts happened in the manufacturing sector, according to finance ministry data.

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Garment exports in November increased 6.9 percent year-on-year to .6 billion.

Gao Junfei, boss of a local lodging business, said all of the 30-plus rooms of his lodge had been booked by tourists for the eight-day National Day and Middle Autumn Festival holiday starting from Oct 1.

GAC New Energy Automobile's smart car ambitions do not stop there. Gu said the carmaker will mass-produce L3 level cars, which means hands-off autonomous driving, in 2019 and it is also testing cars at L4 level, or eyes-off autonomous driving.

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Furthermore, Hong Kong ranks among the top in the world by various economic and social development indicators, he added.

Funds raised from the bond issuance will primarily be spent on three water protection and treatment projects in central China's Hubei Province, including an environmental protection project on the Hanjiang River in Xiangyang.

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Gao said annual profit growth this year might fall within the 15 to 20 percent level.

Gao Yunlong, chairman of the All-China Federation of Industry and Commerce, proposed that more work should be done to increase consumer spending and improve the business environment.