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Due to potential conflict-of-interest concerns, original bank lenders are not encouraged to swap debt for equity directly. Instead, new entities, backed by asset management companies, insurance companies and State-owned funds, are established to pay off loans for equity swaps.

Duan Baolin, vice-chairman with China Folklore Society, said that the customs, new or old, all represent the culture of Spring Festival. "Carrying on the old and innovating the new are both necessary to integrate the culture of the Spring Festival into our life," said Duan.

Due to falling demand for newspapers and magazines, newsstands in many cities have been closing. They have also been criticized for obstructing roads and sidewalks and for generally being eyesores.

Dong from the WUST said further efforts to strengthen the stock-index futures market's functions should focus on intensifying market supervision rather than restricting trading.

Duan Changqing, a professor at China Agricultural University, said he gave a briefing about the grape plantation, wine production and ecological restoration while Xi visited the vineyard.