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Compared with preferred shares, perpetual bonds have a lower cost of funds and a shorter issuance approval cycle. They are also better than tier-2 capital bonds, which have limited capabilities in improving the capital quality and optimizing the capital structure of small and medium-sized banks. Therefore, perpetual bonds are the best channel for unlisted small and medium-sized banks to replenish tier-1 capital, the primary funding source of banks, Wang said.

Cold Food Festival is a traditional Chinese holiday celebrated for three consecutive days before Qingming Festival, which falls on April 4 and 5.

Compensation must be provided in cases of an adverse event leading to death, serious disability or organ injury during or after vaccination, or when the possibility of an adverse event cannot be excluded, the draft says.

Concerning priority topics involving modernizing small and medium-sized enterprises (SMEs) through the digital economy, the executive director noted that China and the United States have set examples in that direction, with China now leading in mobile-based e-commerce and the United States on laptop-based e-commerce.

Commitments made to cancel or ease restrictions on foreign investment in such manufacturing sectors as automobiles, shipping vessels and aircraft will be promptly implemented.