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China also is accelerating revisions on the catalog for guidance on industries for foreign investment and a catalog of industries advantageous for foreign investment in central and western China. Both will further encourage foreign investment, he said.

China and the Philippines have recently forged advance cooperation aimed at strengthening the link between the China- proposed Belt and Road Initiative and the Philippines' long-term vision to build roads, bridges, railways, ports and telecommunication facilities in this archipelagic Southeast Asian country.

China Telecom, China Mobile and China Unicom, three major telecom operators in China, said in separate statements on Monday that their initial evaluations suggest that the ban may affect their stock prices and they are closely following the situation to fully understand the impacts.

China Life Asset Management Co Ltd set up the industry's first special product to participate in defusing the liquidity risk of stock pledges of high-quality listed companies, according to a report by Economic Information Daily.

China Global Television Network cited figures from market consultancy Statista late last year, estimating that the revenue of the online video sector stood at 125.8 billion yuan in 2019, double that in 2016. Despite that, CGTN said, video streaming services were not profitable.