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China's entrepreneurship and innovation are based on extensive public participation. Not only enterprises and research institutions are engaged in this effort, but more and more ordinary people are also joining in to make the best of their creative capabilities. This is aptly described by a Chinese idiom: Eight immortals crossing the sea, each with their own magical power. For the past three years since 2014 when we first put forward this initiative, an average of 40,000 new market entities have been set up every day, including some 14,000 newly registered enterprises. Business activity rate has stood at around 70%, and in May, the daily count of newly registered enterprises even reached 18,000.

China's ongoing deleveraging battle will continue to focus on easing corporate debt burden. [Photo/VCG]

China's northernmost city, Mohe in Heilongjiang province, issued a red alert for a cold snap on Monday, its first since records began, before the mercury plunged by 22.1 C to -41.1 C on Tuesday and dipped further to-42.7 C on Wednesday.

China's measures, if the dispute escalates, could include dumping US Treasury bonds, according to Ren's research team.

China's continued reforms in the financial sector have gone hand in hand with this goal. These reforms have unleashed enormous potential to help both increase and safeguard the wealth of the country, and in doing so ensure the prosperity and continued development of China, benefiting all of its people.