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Banks and financial institutions dealt with 19.69 billion mobile payment transactions valuing 86.62 trillion yuan (.6 trillion) in the first three months, the People's Bank of China said in an online statement.

Bank shares got a boost as the 10-year Treasury note yield hit 3.09 percent in morning session, its highest level since May.

Bai believes the move will unleash Chinese people's unlimited potentials in innovation and creation and boost the nation's high-quality development.

Basically establish a set of free trade port policies focusing on trade and investment facilitation

Back in December 1978, 18 villagers in Xiaogang agreed on a secret pact to break the egalitarian agricultural system by signing a land contract. The family land contract responsibility system that derived from Xiaogang was spread nationwide by 1984, when China's per-capita grain level reached 400 kilograms, solving the country's food problem and making the village a model for China's agricultural reform.