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China will further streamline the management authority of State-owned financial capital (SOFC), a move to preserve and increase its value while maintaining financial security and stability, officials and industry experts said.

China's banking and insurance regulator announced on Sunday it had given approval to Industrial and Commercial Bank of China Ltd, the country's largest State-owned commercial lender by assets, to establish a wealth management subsidiary.

China will give priority to stabilizing employment and ensuring living standards this year, and will ensure the elimination of poverty among all rural residents living below the current poverty line and in all poor counties, according to a government work report.

China will nurture a strong domestic market and establish a new development pattern, according to the statement released on Thursday after the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China.

China's bike-sharing pioneers are gearing up to compete globally, with arch-rival Mobike previously telling Bloomberg News it wants to enter 100 cities with several foreign locations already in the works. But the flood of bikes has led to angst among China's local governments and anger from residents. The services typically allow users to park the bikes wherever they like, jamming up the sidewalks.