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Under the agreement, an international academic program will be launched with funding of million from the Chinese government to scholars under 35 years of age from around the world.

Under the new policy, for companies engaged in chip design, packaging, testing and relevant equipment, the first two years of profit will also be tax exempt. Similar policies earlier only targeted companies involved in chip design.

Under those examples, the core issue is to define the responsibilities of investors and the main idea is to maintain fair competition in a market-oriented business environment, he added.

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Uncertainties created by trade tensions between China and the US, along with homes costing more due to the yuan weakening, have played a role in the decline, he said.

Unique challenge

Under the guideline, headquarters and branches of SOEs will be encouraged to move to Xiongan to enable improved distribution, structural adjustments, and strategic reorganization of the State-owned sector. SOEs in the new area will be allowed to explore the development of mixed-ownership, in principle.

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Under the new guideline, foreign banks will be allowed to set up branches and subsidiaries in Shanghai. Commercial banks will be able to set up financial asset investment companies and wealth management companies with no foreign capital limit.

United States President Donald Trump prepared for his state visit to the United Kingdom by unleashing a torrent of advice and criticism that will surely have embarrassed outgoing Prime Minister Theresa May at the start of one of her last major assignments as the UK's leader.

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Ultra large container vessel COSCO Shipping Aries, the first 20,000 TEU (twenty-foot equivalent unit) ship of the Beijing-based COSCO Shipping Lines group, docked at the Belgian port of Antwerp on Tuesday as part of its maiden voyage from Shanghai.

Under the current IPO system, new shares are subject to approval from the CSRC. China is gradually switching from an approval-based IPO system to a more market-oriented system based on registration. Since an IPO suspension between July and November 2015, China has sought to normalize IPOs by giving approvals at a faster pace to raise financing efficiency and direct more money into the real economy.