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"Haier has transformed itself from a traditional home appliance maker to a solution provider of a smarter life and smarter household," said Zhou Yunjie, president of Haier. "We are also building an IoT smart manufacturing platform, and we've created many patterns in the process."

"Fixed-asset investment, especially infrastructure, may slow further in the coming months as tighter financial regulations, especially regarding shadow banking, are starting to bite," he was quoted by Bloomberg as saying.

"Good credit helps me make a good fortune," said Fang Hengtian, another villager in the county, who earned 70,000 yuan in 2019 by planting traditional Chinese medicinal herbs such as gastrodia elata thanks to the loans granted through the credit rating system.

"Filling an academic gap, it will greatly help us figure out the evolution of human beings in East Asia and the origins of modern humans," Zhang Dongju, a professor from Lanzhou University in Gansu province and a leading scientist of the program, said at a meeting organized by the National Cultural Heritage Administration in Beijing on Friday.

"For example, in the past, our customers in Thailand had to swap Thai Baht into US dollars. Then we swapped US dollars to renminbi. Now, our clients simply need to swap Thai Baht to renminbi. By doing so, settlement efficiency is increased and risks of exchange rate fluctuation are reduced," Yao said.