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"China's environmental industry maintained a growth of about 17 percent in 2017, and the growth of the environmental engineering and equipment sector specifically could reach 15 to 30 percent in 2018," said Wu Shunze, director of the environmental and economic policy research center at the Ministry of Ecology and Environment.

"Credit demand dropped in October, while the aggregate financing growth may continue to slow in the coming months. The government's fiscal spending might have lagged, as indicated by the higher funds in the national treasury," said Ming Ming, an analyst with CITIC Securities.

"Compared to existing test areas across the nation, the test and demonstration area in Lingang is fully covered with 4G and 5G networks, and it offers a larger area for testing and well-designed test scenarios," said Gu Changshi, chief planner for industrial development with the Shanghai New Lingang Area Development Administration.

"China will take further steps to boost the country's international airfreight capacity in an effort to stabilize global supply chains," Sun said at a news conference on Thursday.

"China should use this opportunity to continue its efforts to rebalance the economy away from exports and investment, and toward strengthening household income and demand."