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As China is likely to create a giant oil and gas pipeline company this year as part of the nation's effort to reform the State-owned petroleum industry, insiders believe the move will shake up the petroleum sector and break the monopoly in the oil and gas sector.

Around 1,500 politicians, officials, entrepreneurs, scholars, and media representatives from over 90 countries and regions will discuss topics from inclusive growth to the new industrial revolution.

Areas in a radius of 200 km have counted 111 quakes above magnitude 3 in the last five years. The strongest, measured at magnitude 7.5, hit Nepal in 2015, 159 km from Friday's epicenter.

Arab states, which lie across the Persian Gulf from Iran and fear that their region could be dragged into another conflict, called for cooler heads to prevail in Iraq and beyond.

As China's economic growth recovers, economists expect policymakers to consider a normalization of the policy stance, including the monetary policy. "This shift, however, will not be sharp or abrupt," said Lu Ting, chief economist in China with Nomura Securities.