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As an essential part of international trade, the expansion of trade in service equipped with internet technology can improve the quality and efficiency of China's foreign trade development, injecting momentum into high-quality economic development.

As a result, the services industry will absorb massive labor force, said Zhu from Moody's. "Despite China's economic growth slowdown, very few people have actually lost their jobs. The country is not under high stress of unemployment because a large number of job opportunities are transferring from the manufacturing sector to the services industry amid economic transition in China."

As a graduate in mechanical and electrical engineering at a local vocational school, Weng Zhanxuan said most of his classmates now work for vehicle companies and earn 10,000 yuan (,450) a month, five times his salary.

As a major investment destination in the world, China maintained stable growth in foreign direct investment (FDI) against a gloomy global climate. Its FDI went up 3 percent year on year to 135 billion US dollars last year, while that of the world's total and developed countries slumped 41 percent and 69 percent, respectively, in the first half of 2018.

As a result of the African swine fever outbreaks, pork prices significantly went up in March, which will push food prices higher, according to the report.