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China allocated 562 billion yuan as subsidy funds to help people in need from 2016 to 2019, he said.

China Zheshang Bank Co Ltd, a national joint-stock commercial bank, eight city commercial banks, including Bank of Suzhou Co Ltd, Bank of Zhengzhou Co Ltd and Bank of Qingdao Co Ltd, and eight rural commercial banks are among the commercial lenders waiting to be listed on the Shanghai and Shenzhen stock exchanges, according to information posted by the China Securities Regulatory Commission on its website on Friday.

China aims to ensure the national per capita income reaches ,000 and keeps steadily improving, as well as making sure industries rise to mid-to-high end in the future, the report said.

China National Petroleum Corp, the country's largest oil and gas producer by annual output, has been increasing its presence in the Arctic region's natural gas sector by participating in the Yamal LNG project with Novatek, Russia's independent natural gas producer, which will ensure that China gets more than four million tons of LNG each year when the project is in full operation.

China also plans to merge State and regional tax administrative bodies at the provincial level and below under the shared management of the State Administration of Taxation and local governments.