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China Daily reported earlier this month a package of measures to further restrict ICOs－an activity to raise funds akin to an initial public offering, and cryptocurrency trading both domestic and overseas, is being prepared by the People's Bank of China, the central bank and other financial regulators. It is expected to be launched when "conditions are ripe".

China Eastern will issue 7.46 billion yuan (.049 billion) worth of directional shares for entities under Juneyao Group to purchase and listed Juneyao Airlines will issue 2.1 billion yuan shares for China Eastern to invest, said a China Eastern Airlines statement on Tuesday.

China Life Insurance (Group) Company, one of the largest insurers in the country, will improve its services through more application of AI and big data technology, according to its top management.

China CITIC Bank has joined hands, Fang added, with Baidu to establish the online Baixin Bank, in which China CITIC Bank will hold a 70 percent stake and Baidu will have a 30 percent share. Baixin Bank is expected to open at the end of the year.

China United Network Communications Group Co Ltd, the country's second-largest mobile carrier by subscribers, set up a big data company on Monday, as it accelerates partnerships with new strategic investors.