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China aims to create a level playing field for the renminbi and other major convertible currencies, and reduce obstacles to the free use of the renminbi in onshore and offshore markets, she said at a seminar held by the Chinese Academy of Macroeconomic Research, a think tank under the National Development and Reform Commission, the national economic planner.

China and the Philippines should strengthen high-level exchanges, deepen practical cooperation and properly deal with differences, Vice-President Wang Qishan told Philippine Secretary of Foreign Affairs Alan Peter Cayetano in Beijing on Friday.

China UnionPay has banned mainland customers from using their bank cards to buy insurance products overseas other than accident and medical-related policies. But the restriction did not immediately cause any drop in new premiums for policies issued to mainland visitors last year. In the fourth quarter of last year, new policies sold to mainland customers reached a record high of HK.7 billion.

China also plans to raise the portion of its renewable and non-fossil fuel power consumption to 15 percent of total energy by 2020, according to the 13th Five-Year Plan.

China Merchants Bank, a Shenzhen-headquartered commercial lender well-known for retail banking, has positioned itself as "a fintech bank". It will strive to develop fintech to give stronger support to consumer finance, Liu said.