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Central authorities allocate billions to help disadvantaged ride out slowdown

Centrally administered State-owned enterprises and provincial-level State-asset regulators in China's northeastern region will be encouraged to focus on technology innovation and learn from previous experiences in order to promote regional revitalization, government officials and business leaders said.

Changchun Changsheng Bio-tech Co, which is based in the province, was reported to have produced 252,600 substandard doses of vaccines for diphtheria, tetanus and whooping cough (DTaP) for infants last year. The company was also found to have seriously violated the law since 2014 in its production of rabies vaccine, including adulteration of expired doses and faking production dates.

Challenges and opportunities coexist in the major economic changes currently faced by the world. If handled properly, the changes will bring huge opportunities to the great rejuvenation of the Chinese nation, said a member of China's top political advisory body.

Chandran Nair, a Malaysian business leader and CEO of Hong Kong-based think tank The Global Institute for Tomorrow, noted that Hong Kong has always been popular for global talent, yet its high cost of living has reduced its allure for startups.