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As new technologies cascade through markets, less productive business models will cede ground to more innovative ones which are streamlining business processes and optimizing supply and demand, he told a packed audience at a digital economy conference on Thursday.

As of the end of the second quarter, outstanding credit card loans overdue for six months increased by 5.19 percent quarter-on-quarter to 83.88 billion yuan (.86 billion), according to the People's Bank of China, the country's central bank.

As of 5:15 pm Wednesday, 13 people had been found dead, another 11 were rescued, and an estimated 32 remained missing. Rescue work is still underway.

As one of the most internationalized airlines in China, Spring now has about 40 percent of its capacity serving international flights. With nearly 60 flights between China and Thailand, it became the carrier with the most flights connecting the two countries, and more such flights are in the pipeline.

As of mid-April, all the carmaker's dealerships had reopened.