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Central authorities have demanded efforts to make sure subsidies are paid to the low-income population in a timely manner and in full, and additional assistance should be provided to poor families that include novel coronavirus pneumonia patients, among other measures, Liu said.

Cathay Smart Energy Fund will invest single tickets, ranging from 30 million yuan to 100 million yuan, in new technologies and new business models in the Chinese energy sector, with a particular focus on energy internet, energy storage, energy efficiency, distributed energy, energy solutions for new energy vehicles including electric and hydrogen vehicles, renewable energy and low-carbon and carbon neutrality technologies.

Chang'an Automobile Co. Ltd., one of the major car-makers in the country, faces similar problems. To push the envelope, the company has made inroads in the smart car sector, hoping to give a boost to its development.

Chen Daofu, deputy director of the Research Institute of Finance with the State Council's Development Research Center, said the growth of bank loans and total social financing should be limited within a reasonable range to satisfy the real economic growth but not to boost additional asset bubbles.

Charlie Rose: There are many people who look to the Silicon Valley and they say there are four platforms out here. It’s Amazon, it’s Apple, it’s Google, it’s Facebook. And what we’re going to witness over the next 10 years is a flat-out war between the four of you for the future. How do you see that?