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As the sharing economy in China thrives and gives rise to a wide range of new businesses, competition in the domestic market is getting fiercer, especially in the bike-sharing sector.

As the top industry regulator, the ministry will oversee Chinese telecom carriers' bidding processes, and it encourages competition, Miao said, adding that delivering quality 5G products and services is the only way for companies to increase their market share in China.

As well as working at the site, Kelly is also enjoying additional income from seven project employees who rent rooms at his family home. "They're great people, we've become friends," he said.

As revealed by the competitiveness rankings, Asian economies have started to enjoy the bonus of progressing regional economic integration against the complexity of domestic and international situations, according to the Asian Competitiveness Annual Report.

As the worst of the situation has passed, Lau also held that more efforts could be put into reviving the city's hard-hit economy and mending its deep social rifts.