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Chinese financial regulators explained the action is to better protect the interests of financial consumers and investors and sustain sound capital market development in the long run. High-leverage lending and excessive debt to a broad group of individuals may threat financial stability.

Chinese e-commerce giant JD will lay off 10 percent of its senior executives this year, as the company looks to maximize its resources and focus on strategic layout and the coordinated development of diversified businesses.

Chinese farmers traditionally burn straw after the harvest and plough the ashes into the ground, as they believe this fertilizes farmland. However, the smoke causes air pollution.

Chinese banks have higher risks than insurance and securities companies, and more attention should be paid to joint-stock commercial banks, compared with the five largest State-owned banks and city and rural banks, according to Zhou.

Chinese member hotels of Preferred Hotels & Resorts are a fantastic reflection of this trend. Twenty years ago, hotels in China stayed with the old and traditional way of managing and promoting themselves. Today, every fastgrowing and successful independent hotel or hotel group in China stands on the shoulders of massive systems and technologies.