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Procuratorates across China approved the arrest of 5,627 suspects involved in 3,306 IPR infringement cases in 2018, a year-on-year increase of 31.7 percent, according to the Supreme People's Procuratorate (SPP).

Meanwhile, more measures will be launched to relieve SMEs' financing difficulties, including cutting targeted reserve requirement ratio for inclusive financing, creating more financing channels and encouraging SMEs to receive financing on the "new third board."

Yang Jiechi, a member of the Political Bureau of the CPC Central Committee and director of the Office of the Foreign Affairs Commission of the CPC Central Committee, and Guo Shengkun, a member of the Political Bureau of the CPC Central Committee and head of the Commission for Political and Legal Affairs of the CPC Central Committee, also met with Teo Chee Hean Thursday.

The decision was made at a State Council executive meeting chaired by Premier Li Keqiang.

"The reform of developing a pre-commitment of qualification system is part and parcel of our endeavor in building a credit-based society; without a full-fledged credit-based society, our business environment cannot see significant improvement," Li said.