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An unearthed double-eared pot had characters engraved on it which prove the area was a township-level site. The excavated area covers about 600 square meters. Before the excavation, the site was covered by farmland.

And it is something that the Chinese authorities would like to see. In a document released in June 2017, the NDRC said that "carmakers are encouraged to make the most of international technologies, capital and human resources to raise the level of China's new energy vehicle sector".

And Chinese fintech giant Ant Financial Services Group, Alibaba's payment affiliate and owner of Alipay, has acquired a stake in Paytm, India's largest mobile wallet operator by user number.

Andy Icken, deputy director of Houston Planning & Development, and Cai Jianfeng, deputy director of Suzhou Municipal Commission on Economy and Information, sign cooperative agreement for further cooperation between the two cities at the summit on Tuesday. MAY ZHOU / CHINA DAILY

Analysts said the move was in line with market expectations, and there is still policy room for further cuts of interest rates and reserve requirement ratios to keep ample liquidity and support smaller companies.