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And they have been encouraged by famous billionaires, such as Bill Gates and Warren Buffett, the world's second and third wealthiest people, who worry about the country's severe wealth inequality.

Analysts said the move aims to attract players for the much-anticipated launch of the new yuan-denominated crude oil futures contracts on March 26.

Analysts said the move by ICBC highlighted China's desire to promote cooperation to expand investment channels and to ensure sustainable financing for projects under the initiative.

Analysts said PPI growth will remain largely stable this year but will be lower than last year on average.

Analysts pointed out the latest development also reflected a broader trend where companies globally all started to realize that any behavior obstructing fair and free trade will hurt their interests in the end.