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As banks face lower costs of funds after the cut, they may lower the quotation rates for the formation of the loan prime rate - the newly introduced lending reference rate, lowering corporate borrowing costs and boosting earnings as a result, Zhang said in a report.

As US President Donald Trump warned on Saturday that Washington would strike multiple Iranian targets if Teheran retaliated for the US' targeted killing of Iran's top general, China vowed to play a constructive role in maintaining peace and security in the Middle East.

As a result of all this activity, 2020 looks like a banner year for BRI-related projects in Latin America.

As a subsidiary of local property developer Far East Consortium International, which was founded by Chiu's grandfather Deacon Chiu Te-ken, the hotel group has its roots in Hong Kong with 11 hotels and more than 3,200 rooms, commanding a 4.06-percent market share in the city's fiercely competitive hospitality industry.

As a key policy driving the city's economic growth, the Comprehensive Pilot Program for Further Opening-Up the Service Sector in Beijing has brought new development opportunities and created a business-friendly environment for foreign investors, according to a senior official at the Beijing Municipal Commission of Commerce.