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China Minsheng Bank also hiked the benchmark by 10 percent, starting Monday.

China aims to build Hainan into an international tourism and consumption center by 2025 and a globally influential tourism and consumption destination by 2035. The island attracted more than 83 million tourists from home and abroad in 2019.

China announced new debt financing plans and additional rate cuts after the quarterly economic contraction in order to limit the effects of the novel coronavirus pandemic and ensure that the economy is better placed to recover, according to officials and analysts.

China Petrochemical Corporation (Sinopec), China's largest oil refiner, started selling vegetables at its 340 gas stations in Beijing to provide convenience to local residents.

China Co-op Group has signed a contract with global logistics solutions provider GLP in starting a fund management company and a logistics management company to render better agricultural services. The cooperation aimed to combine the more than 4,000 warehouses and logistics parks owned by China's supply and marketing cooperatives and GLP's technology and expertise to spur high-quality development of the industry, said Hou Shunli, chairman of China Co-op Group. Ming Z. Mei, co-founder and CEO of GLP, expressed hopes of establishing a long-term partnership with China Co-op Group.