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The project will be completed in five years with an investment of more than 40 billion yuan (about 6.35 billion U.S. dollars). The travel time between the two cities will be shortened to three hours from 12 hours currently, after the new railway is put into operation.

Li Yuxiao, an expert on Internet management and law studies at the Beijing University of Post and Telecommunications, said it would be "empty talk" to discuss protection rights for individuals under the condition of complete anonymity.

Many Chinese investors have blamed the CSRC for approving too many IPOs and turning the capital market into a place where companies, some of which have manipulated their financial reports, can amass great wealth overnight.

Over the past couple of years, Chinese banks have sold a large number of wealth management products promising higher earnings to help absorb funds from customers who were unwilling to put their savings into the low-yielding bank deposits.

The agreement was signed between Deputy Foreign Minister Sergey Manassarian and Chinese Charge d'Affaires Chao Mingwen.