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Based on this new co-partnership, Ma believes Alibaba has the ability to handle the transfer of power, and also indicated the company has upgraded from an individual-dependent enterprise into a company with a dependable system and talent pool.

Bai said since the forest is comprised of mainly oil-rich evergreen species such as pine and cypress, it is prone to fires in dry seasons.

Based on optimistic estimates, around 400 million people in China will still live in rural areas by 2035, accounting for 30 percent of the country's population, he said, adding that rejuvenating rural areas is essential for China's modernization.

Banks' outstanding wealth management products (WMPs) totaled 28.4 trillion yuan at the end of May, down from 30 trillion yuan at the end of 2016. The sector's fast expansion had been considered a major source of financial risk, as off-balance-sheet WMPs channel deposits into risky investments without adequate regulation.

Bank of China Ltd acted as the lead underwriter for Fuyao Glass Industry Group Co Ltd's 600 million yuan ( million) medium-term note with a three-year maturity, sold on Friday at a yield of 3.19 percent. The bid-to-cover ratio was 3.72.