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Available on mobile applications or social media platforms of certain banks, the new product allows a customer to invite his or her friends or social media contacts to form a group of two, three or five people, each of whom agrees to deposit a minimum amount of money at a bank offering such products, with the maturity of deposits ranging from three months to three years.

Auto market observers estimated that German carmakers BMW, Daimler and the country's largest carmaker Volkswagen (VW) will be the largest beneficiaries of China's move. The lowered tariff could bring BMW 1.2 to 1.75 billion euros (.05 billion) in profits before interest and tax, and Daimler 1.1 to 1.65 billion euros (.29 to 1.93 billion).

Attractions in Xi'an, led by Emperor Qinshihuang's Mausoleum Site Museum, the Xi'an City Wall Scenic Area and Huaqing Palace, saw robust growth in the number of visitors.

Authorities said 321,000 people were affected in 21 counties and cities of Hunan, and 11,000 residents were relocated and received assistance.

BEIJING - China announced Friday a pilot program to support innovative companies' domestic listing and issuance of China Depositary Receipts (CDRs).