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Banking institutions can experiment with bankruptcy as an option for market exit, although mergers and acquisitions will remain as the main option, said Xiao Yuanqi, chief risk officer and spokesman of the China Banking and Insurance Regulatory Commission (CBIRC), at a media briefing on Thursday.

Back in 1978, most Chinese had never seen a passport. On Aug 27 this year, the United Nations World Tourism Organization reported that in 2017, Chinese tourists spent 8 billion on international tourism, almost one fifth of the world's total tourism spending, and in the first half of this year, Chinese made 71 million trips overseas.

Be it trade surplus or trade deficit, I believe the state of a country's trade balance is mainly the result of its role in the international division of labor and position in the international industrial chain. As we do not deliberately seek surpluses or avoid deficits, we need to carefully weigh our choices: should we open up the services sector even wider or try to reduce the trade deficit in services? We have opted for the former. China will be firmly committed to opening up the services sector, even if it means a bigger deficit. Although this will present a greater challenge for our regulatory capacity, at the end of the day, opening the services sector will boost the competitiveness of Chinese companies, which is beneficial in the long run, and will provide more choices and be fairer for Chinese consumers.

Baidu has received passenger-carrying plates for self-driving vehicles in three Chinese cities including Wuhan, Changsha and Cangzhou.

Banks told to boost funding