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Ant Financial Services Group announced on Wednesday that it will allow third-party financial institutions to set up virtual shops through an indigenous app, another push to vie for supremacy in the country's booming online financial sector.

Apart from cutting taxes, the requirement rate of social insurance premiums is also expected to be cut down to relieve burdens on businesses.

Apart from providing low-cost funds to small banks, the central bank will also urge commercial lenders to increase support for small businesses by implementing policies under China's Macro Prudential Assessment framework, Liu said.

Another round of recall will begin on Dec 29, which will affect more than 2.51 million Chevrolet and Buick cars, according to GM China and Shanghai GM, a joint venture between GM and SAIC Motor.

Anta Group became WWF's first international partner in China's sportswear and textile industry. With the support and resources provided by WWF's global network and in fulfillment of goals on sustainable development and biodiversity conservation established by the United Nations, Anta Group will start from its daily practices of environmental, social and corporate governance and collaborate with its upstream and downstream partners to promote the transformation and development of the textile industry in terms of water stewardship and packaging.