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Apart from the tech powerhouses, the Hurun China Rich List also saw an expansion in consumer sectors including foodstuffs, suggesting that the vast domestic market is poised to shore up growth amid global economic uncertainties, experts said.

Apart from the huge increase in the size of the private wealth market, the report also found that these wealthy people have become more diverse in their investment goals, outbound investment destinations and geographical location.

Another focus of the reform is to develop a corporate legal person governance structure with effective checks and balances and establish a flexible and efficient market-oriented management mechanism. The reform to introduce a shareholding system into the central SOEs will be pushed forward, and investors of various types will be brought in to enable stock rights diversification.

Apart from gang crimes, procuratorates across the country prosecuted over 18,000 suspects for duty crimes in 2019, up more than 80 percent over the previous year.

Apart from being a major production and research and development center, China will also be a major consumer of its products, the company said.