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Chinese households prefer bank deposits, a major cause of imbalance among financial asset allocation, the report showed.

Chinese property developer Evergrande and the financial conglomerate Baoneng, as newcomers to the NEV industry, are being given extra attention in the investigation.

Chinese police have solved 315,000 online fraud cases, busted 16,000 gangs for fraud and caught 146,000 people suspected of fraud-related offenses since June 2015, when a national team consisting of 23 government departments, led by the Ministry of Public Security, was set up to combat fraud in cyberspace.

Chinese leaders have vowed to strengthen the country's economic opening-up drive, which is not in conflict with its recent emphasis on boosting domestic demand but will benefit the global economic recovery, analysts said.

Chinese e-commerce players operating at Amazon, eBay and other platforms only need to pay around 1 percent of commission fees rather than the previous 3 percent to 5 percent while business cycle has been shortened to one working day from one or two weeks, Xu said.