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The pilot, to last till the end of 2022, aims to accumulate experience for similar practices to be implemented across China, it said.

Quan Heng, an economist in Shanghai, said the recovering Chinese economy has injected confidence and momentum into the world economy.

Infrastructure projects funded by public-private partnerships have been allowed to raise funds through securitization, and pilots have been expanded for banks to securitize bad loans.

U.S. arms sale to Taiwan has severely violated the one-China principle and the three China-U.S. joint communiques, especially the August 17 Communique, Ren said.

It was decided at the meeting that unified registration for pledge of movable property and rights will be implemented nationwide starting Jan. 1, 2021, to further improve business environment and facilitate the financial sector to better serve the real economy, micro, small and medium-sized enterprises in particular.