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China plans to build Xiongan into a region led by innovation-driven development and a demonstration area for new urbanization in China. A number of administrative bodies, large enterprises, colleges and research institutions in Beijing are expected to move into the area.

China supports development of direct financing to reduce costs of enterprises, allowing them to get funds by issuing shares or bonds, rather than from commercial banks.

China will bolster the capacities of laboratory tests and medical treatment in border areas as part of broader efforts to curb the importation of COVID-19 cases via land entry points, according to a statement released after a meeting chaired by Premier Li Keqiang on Monday.

China posted a better-than-expected GDP increase of 6.9 percent in the first half of the year, well above the target of around 6.5 percent for the whole year.

China saw a 49-percent growth in PE and VC investment last year, though global fundraising and investment as a whole fell, according to a recent PwC report.