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Zheng said that as most commercial insurance is profit-oriented, losses incurred in case of disasters have long become a tough balancing act between insurance groups and the government.

Zhang was speaking at a session of the WTO's Dispute Settlement Body (DSB), in response to the US claims that China's policies create legal conditions for Chinese economic actors to effectively coerce foreign companies to transfer technology to Chinese firms.

Zhang, also a chief author of the book, said many issues are yet to be solved before the segment can achieve fast growth, including hydrogen's position in China's energy landscape and its use in different scenarios, as well as key technological breakthroughs.

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Zhang said people's livelihoods in the area have been continuously improved, making positive contributions to poverty alleviation.

Zhang said the COVID-19 pandemic further demonstrates the importance of multilateralism. "We should remain committed to intensifying international solidarity and cooperation, supporting the UN at the core of international system," he said.

Zhou Mubing, chairman of Agriculture Bank of China, speaks at the bank’s London branch launching ceremony. Kevin Wang / China Daily

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Zhejiang University and the University of Science and Technology of China remain in third and fourth place, while Shanghai Jiao Tong University climbed from eighth to sixth. Fudan University was listed in seventh place, while Nanjing University was ninth.

Zhejiang Geely Holding Group, owner of Volvo Cars, purchased a 49.9 percent stake in Malaysian carmaker Proton in June 2017.Within two years, the brand has shown encouraging signs of fast recovery.

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Zhao Pengyu, general manager of Shenzhen Window of the World, said the company aims to transform itself into a smart tourism provider – establishing a 5G network is the first step towards its goal.

Zhang's fiancée Meng Ying said "he is a really kind man". Meng said she was not surprised at what Zhang did because he always tried to help others in daily life. Zhang's father was also proud of his son.