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China recently penalized a number of new energy vehicle manufacturers for fraudulently claiming subsidies. As of February, the authorities had successfully retrieved subsidies and imposed penalties of 2.3 billion yuan (3.5 million) in total.

China will continue to develop equity investment to provide medium and long-term financing and mobilize more resources without increasing debt burden under the Belt and Road Initiative, said Chen Yulu, deputy governor of the People's Bank of China, the Chinese central bank.

China ready to work with two countries to enhance coordination in various areas

China sees guarding against systemic financial risks as the eternal theme of financial work, announcing it will set up a committee under the State Council to oversee financial stability and development during the National Financial Work Conference that wrapped up on Saturday.

China produced 15.4 billion cubic meters of shale gas last year, up 41.4 percent year on year, mainly from the Sichuan basin and its surrounding areas, according to a report from the Ministry of Natural Resources.