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Applications in New York state were up 19.7 percent for the week ending May 22 from the previous week, but still 16.9 percent below activity for the same week a year ago.

Apple's latest models came after its iPhone shipments went down 18.2 percent year-on-year in the second quarter of 2019, according to research firm International Data Corp.

Apple Inc has stepped up efforts to attract more Chinese developers as the iPhone maker is looking to boost app services in its key market amid better market expectations for the fourth quarter.

As Leung explained, equipment manufacturing as well as research and development are included in the Made in China 2025 strategy. These companies usually invest heavily in their early days in machines, plants and all other related facilities. It will take a long time before they finally register sales and profits. With the new policy, the VAT can be retained, which means that companies can enjoy a tax rebate when they eventually report sales results. It can largely secure their cash flow and relieve this tax burden.

Articles 31 and 62 of the Constitution give the NPC legislative power over the special administrative region.