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Compared with the same period last year, 27 percent more houses collapsed and the number of people relocated nearly doubled, though the number of casualties and missing people dropped by 41 percent, Huang said.

Compared with preferred shares, perpetual bonds have a lower cost of funds and a shorter issuance approval cycle. They are also better than tier-2 capital bonds, which have limited capabilities in improving the capital quality and optimizing the capital structure of small and medium-sized banks. Therefore, perpetual bonds are the best channel for unlisted small and medium-sized banks to replenish tier-1 capital, the primary funding source of banks, Wang said.

Confucian studies platforms have been built at many universities including Peking University, Tsinghua University and Renmin University of China. In addition, 27 cities, regions and provinces including Beijing, Shanghai and Zhejiang province have built provincial-level and national-level Confucian studies organizations.

Conforming to these trends, Mastercard announced on Tuesday it will upgrade the benefits and rewards available to holders of World Mastercard next year.

Company cites support from government as key factor for sustained business growth