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Yu Chengdong, CEO of Huawei's consumer business group, said, "Huawei's smart screen products can function as a control center for internet of things products at home, and a center for smart interaction, multi-screen experience center and audio-visual entertainment."

Yet, an easy entry does not mean the quality of their products and services can be compromised, as these businesses must be subjected to meticulous supervision.

Yu, of the internet society, urged the government to devise systems to manage the problem.

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Yin Xiaoli, deputy secretary-general of the Beijing-based China Construction Machinery Association, said many of the opportunities (from the initiative) were raised due to the surging demand for public services, manufacturing and infrastructure projects in economies taking part in the initiative, especially in fast-growing economies such as Turkey, Poland and Saudi Arabia.

Yu'E Bao's assets under management totaled 1.43 trillion yuan at the end of June, accounting for about 28 percent of the combined size of China's money market funds market.

Yet the boy's trip to Quanzhou, an important port of the ancient Silk Road, testifies to a trend in China-Italy ties that goes far beyond puppetry.

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Yu also said the company is making progress in promoting Huawei Mobile Services, better known as HMS, which is the foundation for the company to continue selling smartphones in overseas markets.

Yu Yong, president of the group, said the company has seized the strategic opportunities in the steel industry's recapitalization in recent years to implement its global arrangement.

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Yili Group, one of the world's leading dairy producers, has offered to purchase 100 percent the shares of Westland's existing shareholders and take over operation of the company.

Yukon Huang is a senior fellow with the Asia Program at the Carnegie Endowment for International Peace, a foreign policy think tank based in Washington DC.