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Zhang said it has been proven the implementation of the Basic Law of the HKSAR helped the "Peal of the Orient" remain competitive.

Zhang said the rise of online shopping and mobile payments in China is a good example of new technologies and new consumption models.

Zhao Rong, head of Bank of China's Shanghai branch, said they have increased their support to private enterprises in the past few years by providing value-added services such as cross-border matchmaking, which means helping small companies to find the right business partners in the overseas markets.

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Zheng Yang, Party chief of the Shanghai financial work commission and head of the Shanghai municipal financial service office, made the comments at a symposium on improving business-doing environment. "Preventing financial market risks is one of the focuses of our work recently. To work as both a service provider to the financial market and a regulator, we think this move is in alignment with the country's moves to strengthen supervision and prevent risks," he said.

Zheng Jiyong, director of the Korea Research Center at Fudan University based in Shanghai, said the conclusion of the drills is a good diplomatic gesture from Seoul and Washington, as it demonstrated that Washington still seeks to remain on cordial terms with Pyongyang.

Zheng Fuping, 42, prepares forage grass for sheep and cattle, Huanxi village, Yichun, Jiangxi provice, April 22, 2020. [Photo/Xinhua]

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Zhang said that China's intellectual property rights (IPR) protection is not only a commitment to wider opening-up, but also an essential requirement for its own development.

Zhao Jingfei, 36, said he has led several innovative projects, including fixing solar panels on electrical carts to generate power and upgrading diesel pumping devices to cut the pump time from five hours to one.

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Zheng Lei, chief economist at the Glory Sun Financial, said "From securities market aspect, greater efforts are needed to develop high-yield bond market to support the fund raising for manufacturing industry. For the present, exchange markets are still a major channel for its financing."

Zhang's family, legislators, political advisors, media and members of the public attended the trial. The court will announce the verdict at a later date.