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At the two-day National Financial Work Conference early in July, President Xi Jinping said that developing direct financing will be prioritized while indirect financing structure should be optimized by accelerating strategic transformation of state-owned major banks and developing small and medium-sized banks and private financial institutions.

At the end of July, Fed policymakers cut interest rates for the first time since 2008.

At the same time, Chinese banking institutions recorded 29.54 trillion yuan balance of wealth management products or WMPs.

At the meeting, Li listened to briefings about the latest nationwide check on policy implementation. The State Council has sent inspection teams to 14 provincial-level regions and the Xinjiang Production and Construction Corps recently to supervise the implementation of policy, sum up local experiences, collect public suggestions and facilitate solutions to problems.

At the same time, China hopes that the UK will continue to foster a transparent, just and non-discriminatory business environment for Chinese companies, including Huawei, to invest and do business in the UK, which will deliver more benefits to the two countries and their peoples.