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The chairman added that China Huarong would continue to consolidate its market-leading position to facilitate the exit of loss-making "zombie" companies and to support the debt-for-equity swaps of commercial banks.

The ceremony, in which ROK President Moon Jae-in and the DPRK's top leader Kim Jong-un joined with their spouses, was held outside Peace House on the ROK side of the border village of Panmunjom that has divided the two Koreas since the end of the 1950-53 Korean War.

The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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The central bank's relending and rediscount program, as well as the regulatory policy allowing eligible small businesses to delay loan or interest payments until the end of June, are both targeting companies that have already received loans. But MSMEs have difficulty in obtaining loans from banks, for they cannot offer fixed assets as collateral.

The city's health and family planning commission has not disclosed what penalties were given to the properties, which are operated by Kempinski, Shangri-La and Sheraton.

The city announced its second test road, with a length of 31.6 km, during the 2018 World Intelligent Network Auto Conference last month. The test roads cover various road traffic environments, including main roads, secondary roads and main roads in industrial parks, which can be used to test passenger and commercial vehicles.

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The city is promoting the development of the whole chain of the cruise industry, including promoting the design and manufacturing of cruise ships, attracting world top cruise companies to set up headquarters and stimulating consumption related to cruise tourism in the region.

The change at banks is just one example of the country's efforts to churn out financial technology or fintech innovations and boost the digital economy, when demand for contactless service mounted and new business modes flourished in the stay-at-home market amid the COVID-19 pandemic.

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The central government decided in April to gradually develop Hainan island into a free trade port to facilitate the opening of the region and the rest of the country.

The chief executive extended his sincere gratitude to all workers who keep essential services operating during the holiday, and wished the whole community a happy, healthy and prosperous Year of the Pig.