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Around 20 years, ago, walking and cycling made up 70 percent of urban travels, with cycling contributing up to 30 percent, in Chengdu, capital of Sichuan province, the local newspaper West China Metropolis Daily reported.

Around 500 representatives, including government officials, experts and business leaders attended the forum.

Apple's shares — and the broader market — took a pounding a day after CEO Tim Cook said in a letter to shareholders that the company would miss its revenue expectations for the fiscal first quarter. The stock had fallen almost 8 percent after hours on Wednesday.

Apple investors have been worried about sales in China since the company last month lowered guidance for the quarter due to economic pressures in the region and weak iPhone sales. CEO Tim Cook also blamed trade tensions between the United States and China for the slowdown in sales.

As Hu explained, deposit will no longer be necessity when the merchants or service providers can seek enough profits and little risk. Some industries, which have seen rapid growth in the past few months, are starting to be less reliant on deposits and resorting to business models that are reliant on rental income.