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China is gradually switching from an approval-based IPO system to a more market-oriented one based on registration.
China has stepped up a crackdown on disorder in financial markets. During the first 10 months of 2017, the CBRC, China's top banking regulator, punished 1,486 banking institutions and 1,096 individuals. The regulator confiscated illegal income of 75 million yuan (.5 million) from the institutions, in addition to imposing fines of 592 million yuan on the institutions and 24.4 million yuan on the individuals.
China has slashed tariffs on imported vehicles from 25 percent to 15 percent and Xu expects the government to further cut this figure in the coming years.
China is home to more than 20 million stamp collectors, or one-third of the world's total, up from about 3 million in 1983. The global stamp collecting market is worth about billion a year.
China is stepping up efforts to prevent its rural population from sliding into poverty due to unemployment or poor sales of farm produce triggered by the novel coronavirus outbreak, a senior official said on Monday.