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Besides running his business, Xiao spent his spare time pursuing his love of painting and opened a gallery in 1984. Over time he organized numerous art shows and continued painting. He also began to study Chinese painting under the guidance of master artist Huang Junbi when he was 61.

Biden is the Democratic Party's presumptive nominee to challenge Trump, after his lone remaining opponent Bernie Sanders dropped out of the race last week.

Benchmark lending rates will be replaced by market-based alternatives. This will better allocate capital by allowing banks to set risk-based interest rates and will lower interest rates to low-risk companies.

Besides canceling requirements for the seasonal balance of issuance, the MOF has also lifted the duration limit on the bond portfolio and streamlined disclosure procedures to give local governments greater flexibility, according to the document.

Besides Wang, this year's event was also attended by Putin, French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe and International Monetary Fund chief Christine Lagarde.