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China Merchants Group will also support the Xiongan New Area financially in all aspects, including bank loans, bonds, financing, public-private partnership and public listing business.

China and Africa will align the Belt and Road Initiative with the development strategies of African nations to bring more opportunities for the growth and prosperity of the continent, President Xi Jinping said on Tuesday.

China Insurance Security Fund Co, a nonprofit State-owned company operating the insurance industry's bailout fund, played a key role in the regulator's two-year takeover of Anbang by injecting capital into the troubled insurer, sending people to clear up its problems, restructuring the company and selling off its assets, Wang said.

China Mobile, China Unicom and China Telecom disclosed earlier in March they would invest about 180 billion yuan in total into 5G this year. They will build about 550,000 units of 5G base stations this year.

China announced on April 1 the decision to set up the Xiongan New Area to advance the coordinated development of the Beijing-Tianjin-Hebei region.