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Drawing on the experience of ING Bank in the successful development of direct banking services, the joint venture will build a brand in the area of digital banking with the help of financial technologies and try to become a benchmark in terms of the implementation of China's push to further open up its financial sector to foreign investors, said the mid-tier commercial lender BOB in an announcement.

Dunn said Munchkin, which has sold over 140 other baby products in the Chinese market for three years, plans to launch domestic online and offline sales channels in China. The company is in the middle of the regulatory application process for the domestic launch of the product, he added.

Duo said he hopes financial innovation will flourish with support from both the authorities concerned and people at large. A policy environment that can provide sustainability and stability would benefit the financial sector.

Due to the lower average salaries, 70 percent would like to spend less than 2,000 yuan. Only 6 percent of graduates expected to spend more than 5,000 yuan, and most such graduates live and work in big cities.

During a White House news briefing on Wednesday, US Homeland Security Secretary Kirstjen Nielsen said the National Guard would support US Custom and Border Protection, but would not be involved in enforcement.