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Bank of China started providing private banking services in China in 2007. Over the years, it has extended the service to non-mainland and overseas markets, including Hong Kong, Macau, and Singapore.

Bao Ruili, a delegator for Li Yong from the United Nations Industrial Development Organization, also said at the forum that they expect tightened cooperation with Chinese SMEs, and will offer support in their connections with governments and companies on a global scale.

Baidu and two local firms set up a joint venture in April to help promote the project after the parties inked a strategic agreement to turn Changsha into a demonstration city for autonomous driving last October.

Based on changes in international oil prices, the retail prices of gasoline and diesel have been cut by 370 yuan (.9) and 355 yuan per ton, respectively, according to the National Development and Reform Commission (NDRC).

BYD Motor's President Stella Li believes the partnership will be critical to the development of electric vehicle technology by creating new financing alternatives to a "broader range of clients".