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China's newly revised Budget Law clearly stipulates that local government debt should be publicly issued through a national quota-based mechanism, and various local financing platforms backed by the local authority should not issue local government debt.

China's gold reserves' value fell to .74 billion at the end of March from .376 billion at the end of February, the central bank said.

China's new negative lists, which were shortened to introduce greater opening-up, will take effect on July 30, the country's top economic regulator said.

China's commercial banks are also playing increasingly important roles in promoting bilateral financial cooperation with Singapore. Take the Bank of China for example, as of late July, its Singapore branch has raised an accumulated more than 16 billion U.S. dollars of fund for financing BRI projects.

China's investment in Africa has also seen strong growth, as the ministry's data show that more than 3,700 Chinese companies had set up branches in Africa by the end of 2018, bringing over billion to the continent.