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China's treasury cash is held at the PBOC, or the central bank, but commercial banks also look after a part of it in the form of short-term deposits. Eligible commercial banks compete through a tender process for the right to take on the deposits.
Chinese Ambassador to Britain Liu Xiaoming speaks at the Standard Chartered Summit. [Photo provided to chinadaily.com.cn]
China's research and development spending reached 2.21 trillion yuan (9.2 billion) last year, a significant increase from 1.42 trillion yuan in 2015, Wang said. Of the total R&D budget last year, 133.6 billion yuan was used for basic research, almost double that of 2015.
China's top insurance regulator is considering revising the rules for the country's insurance security fund, which will allow the fund to provide necessary liquidity support to insurers in case of crisis.
Chinese President Xi Jinping's ideas and strategies to govern the country, especially those targeting poverty alleviation, have greatly benefited ethnic groups in southwestern China's Yunnan province, new figures show.
