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China's central State-owned enterprises will be the country's major force driving the Belt and Road Initiative, with their respective projects, plans and business layouts all in place by 2020, the top State-owned assets regulator said on Monday.

China's central bank, the People's Bank of China, took action late on Wednesday to lower the credit evaluation standards for financial institutions. The measure will allow more of them to deposit less funds in the central bank as reserve requirements, according to a statement on the PBOC's website.

China's Geely Holding is to set up a new joint venture with Volvo Cars to share existing and future car technology, according to a Memorandum of Understanding the two parties signed on July 20.

China's achievements are made possible through the strong leadership of the Communist Party of China, the development path that suits the country's national condition, and the hard efforts of the Chinese people.

China will phase out about 50 million tons of crude steel capacity and over 150 million tons of coal capacity this year, according to the NDRC.