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"Chongqing represents an import hub for the Chinese economy, especially for the automotive sector. If you look at Chongqing itself last year, it manufactured 1.5 million vehicles. And in a radius of 600 kilometers the number of vehicles was even greater, at around 4.5 million," he said.

"Commercial banks have a major responsibility to develop green finance to support the transformation and upgrading of China's economic structure," said Zeng Gang, director of banking research at the Chinese Academy of Social Sciences' Institute of Finance and Banking.

"Complacency is our greatest threat and any business that thinks they are above the law will face serious penalties," Dominello warned.

"Chinese dairy brands clearly recognize the importance of such a strategy, with Mengniu supporting this year's FIFA World Cup in Russia and Yili signing as the official sponsor of the Beijing 2022 Winter Olympics, having already served in this role during the 2008 Games."

"Compared with that of 2016, the growth was stable. We see it as a result of the government's effort to promote reading," said Xu Shengguo, a member of the academy's research team. "It also shows people choose different platforms to read: books in print; e-books on computers and smartphones; and audiobooks."