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"China's wealth management industry will embrace a historical transition of business models and a comprehensive restructuring of its ecosystem. The establishment of ABC Wealth Management is an important measure taken by the Agricultural Bank of China to carry out supply-side structural reform in the financial sector, further implement new regulations for the asset management industry, push for high-quality development of the real economy, and actively tackle changes in the wealth management industry," said Zhou Mubing, chairman of the Agricultural Bank of China, the country's third-largest commercial lender by assets.

"China, Japan and South Korea should speed up the negotiation pace of the free trade agreement and boost other investment activities. Developing combined transport by rail and sea, road passages and other infrastructure is practical to establish a flexible transportation network throughout the Northeast Asia region to improve and diversify regional economic growth," he said.

"Creating a new chilled milk brand for Chinese consumers will enable them to upgrade their dairy consumption," said the statement, without elaborating on the details of the new product or the brand, nor the size of the investment.

"Considering the positive recovery of market demand as the epidemic is getting under better control in China, we are confident in achieving our expected whole-year target of double-digit growth," said Li Shuguang, president of Wuliangye and an NPC deputy, on the sidelines of the ongoing two sessions in Beijing.

"Consumers these days are fastidious and want better quality and stylish products," said Xu Hui, a former clothing merchant from Yantai in eastern China's Shandong province, noting that the tendency appears in other sectors such as food, furniture and electronics.