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The report predicted iron ore demand in China at 1.225 billion tons in 2020, compared to 1.264 billion tons in 2019. Pig iron output in 2020 and 2019 is seen at 775 million tons and 800 million tons, respectively.

The report also highlighted lower than expected spending as a key reason for the improvement.

The regulator said it will continuously push ahead with the opening-up of China's banking and insurance sectors and keep improving the business environment, so that a larger number of foreign banks and insurers that meet regulatory requirements will be allowed to participate in the Chinese financial market.

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The regulator took temporary policy measures such as encouraging banks to allow certain companies delay payments of loan principal and interest that will mature before June 30, said Xiao Yuanqi, chief risk officer and spokesperson of the commission.

The report said although entertainment consumption only accounts for 3 percent of Chinese consumers' overall spending, which is lower than the average of 9 percent in developed countries and regions, the growth potential is still huge. Meeker said that China's entertainment industry is in a "golden age".

The region's tourism industry has been developing quickly in recent years and has become a growth driver, Qizhala, chairman of the regional government, said during the expo. Tourism contributes at least 30 percent of Tibet's GDP, he said.

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The report concludes that the US continues to lead globally in R&D expenditures and in the number of highly cited research publications. At the same time, other nations, particularly China, are rapidly developing their science and engineering capabilities. As a result, the US is playing a less dominant role in many areas of science and engineering activity.

The removed regulations are related to private enterprises, water pollution prevention, geological survey qualification, livestock and poultry, and re-education through labor. The main content of those regulations is inconsistent with current laws and regulations, it said.

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The report also found that 48 percent of respondents said they smoked, and only 43 percent said they watched their diet. And 55 percent said the cost of healthcare stops them from going to a doctor. On the positive side, more than 90 percent of Chinese New Yorkers have healthcare insurance, the survey found.

The regional projects pipeline appears solid with more than trillion of projects currently in the planning stage, according to Deloitte's GCC Powers of Construction 2017 report.