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ChiNext will become the second board of China's A-share market to apply registration-based reform, as the country boosts efforts to revamp its capital markets to support digital innovation, the top securities watchdog said on Sunday.

Chen Liang, 26, had a just such a wedding. With a salary of just 4,000 yuan, his wedding cost the family over 470,000 yuan. Almost half the money was borrowed.

Chen Meiling contributed to this story.

Chen exemplified that deleveraging requires the reduction in the number of "zombie enterprises"-enterprises that are heavily in debt or rely on bailouts to survive, thus reallocating financial resources to more efficient market entities.

Chen Xuejun, CEO of G-Net, said the pace of economic globalization has accelerated over the past decade. So, business collaborations and global communications have become more frequent, inflating multinational companies' costs manifold.