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Compared with trade in goods, trade in services is usually more knowledge-and technology-intensive. By upgrading its technological and innovative capability, China will also substantially increase its competitiveness of being a major services exporter and boost its ability to bring global consumers good quality services at reasonable prices.

Comprised of 12 articles, the guideline provides specific provisions on the organizational structure of difference resolution, application for initiating the resolution process, related resolution procedures, as well as the application of resolution results.

Compensation expenses of these firms came in at 335.39 billion yuan in the same period, climbing by 3.5 percent from a year ago, according to the CBIRC.

Concurrently, the two initiatives are geared to address infrastructural underdevelopment issues and bottlenecks in international trade.

Companies without or with few layoffs can get a 50-percent refund of their unemployment insurance premiums paid in the past year. More government-subsidized training will be conducted to equip the jobless with vocational skills, while employment services and supportive policies will be given to laid-off workers.