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"Corporate income tax evasion in the region is especially acute," the agency said, adding that tackling tax evasion should be a priority, as the region lost 5 billion, or 6.1 percent of its GDP in 2018, due to tax noncompliance.

"Compared with the likes of Apple Music and Spotify, Tencent Music is no smaller in scale," said Ge Jia, a senior internet analyst at China Intercontinental Communication Center.

"China's uniquely advantageous position on the global economic stage is incomparable. The country offers an enormous wealth of hard-earned experience as well as technology that can be shared and transferred among developing countries," said Rachel Duan, president and CEO of GE China.

"China's economy is still in a tug-of-war between headwinds and policy easing," said Lu. The central bank has suggested balancing policy easing with the need to control financial risks, given the rapid rise of debt and volatile stock markets.

"Compared with ID card and fingerprint information, facial recognition can help identify a person more accurately," Xiang said. "If such information is collected improperly or leaked, the risks will be considerable."