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But it doesn't rule out rate cuts in the near term, said experts. The LPR is updated on the 20th of each month. This new regime allows the central bank to change monetary policy more frequently, and to respond quickly to counter economic downside risks if necessary.

But better farming practices — such as no-till agricultural and better-targeted fertilizer applications — have the potential to fight global warming too, reducing carbon pollution up to 18% of current emissions levels by 2050, the report said.

But farmers in provinces yet to release such guidelines have found themselves in a tight spot and suffered substantial losses, Shen Yueyue, a vice-chairwoman of the National People's Congress Standing Committee, said on Monday.

But Zhang Qiliang, chief executive officer of Han Platform, said that it is now crucial to build an ecosystem for industrial internet so that industrial agreements can be exchanged.

But he said the arrest of a senior executive on US charges is "not common and rare", and he could not comment whether the charges against Meng were "politically driven".