After burnishing its credentials as a hub for finance and shipping, Shanghai is looking to be a global destination for science and technology efforts by setting up specialized artificial intelligence hubs and stepping up smart manufacturing development.
China's banking and insurance regulator recently issued guidelines that require banking and insurance institutions to offer comprehensive financial solutions to companies in the upstream and downstream of a supply chain based on real business transactions, making a new effort to tighten regulation of supply-chain finance.
China is considering building the personal bankruptcy system and will take measures to root out zombie companies from the market, as part of its greater goal to foster a more efficient economy, said the country's top economic regulator.
The battle over 5G smartphones has intensified in China, with the first batch of eight 5G phone models having obtained the quality certificate needed to hit the market.
Beijing's regional GDP hit more than 1.52 trillion yuan ($221 billion) in the first half of 2019, growing 6.3 percent year-on-year, and output by the tertiary industry rose 6.5 percent to 1.26 trillion yuan due to the strong contribution of the financial and service sectors, Beijing's statistics authority said.
A financing platform for small - and medium-sized enterprises in Guangdong province will be officially launched in September, aimed at efficiently providing fundraising solutions for SMEs, a senior official with the local financial supervisory authority said.
China's economic growth held steady in the first half of 2019 despite headwinds, as positive factors are increasing to support high-quality development, the country's top economic regulator said on Tuesday.
China will continue to restructure its centrally administered State-owned enterprises to serve the needs of national strategies and the real economy in the second half of this year, said a senior official from the country's top State assets regulator on Tuesday.
China will increasingly rely on longer-term and special-purpose government bonds to finance construction and stabilize the economy, preventing the GDP growth rate slowing to a multi-decade low in the second half of this year, said economists.
As Chinese property developers are flocking to issue offshore bonds, the nation's top regulator has stepped up efforts to prevent financial risks and stabilize the real estate sector, said experts.
China's dairy output has grown rapidly over the years, boosted by advanced livestock farming and large-scale milking techniques, with sharp growth seen in both dairy processing and consumer products, industry leaders said.
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