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The moderate relaxation on insurance capital being invested in equities will bring long-term and stable development to the Chinese capital market, the spokesperson said.

The move came as the country's GDP growth slowed to 6.2 percent year-on-year in the second quarter, its slowest pace in the 27 years since quarterly record keeping began.

The move serves the purposes of the UNESCO, he said.

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The move is part of the efforts by the Asset Management Association of China to further open the PE market to foreign investors.

The model leverages online retailers' big data and customer analysis capabilities to optimize a brand's products specifically to meet the unique demands of the Chinese market.

The ministry, together with four other government bodies including the ministries of water resources and finance, will launch seven campaigns as it ratchets up efforts to upgrade anti-disaster capabilities in rural, underdeveloped areas, according to Zheng.

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The move earned praise from leaders in the tech industry and government officials. Sanders applauded Amazon’s announcement but did not comment on the status of his bill, the Stop BEZOS Act, which sought to tax Amazon to cover the cost of federal assistance its warehouse workers receive. Sanders did commit to working with Amazon CEO Jeff Bezos in his fight to raise the federal minimum wage. Bezos thanked Sanders for his support on Twitter Tuesday.

The move came as part of the country's decade-long efforts to deepen offshore renminbi pool by offering diversified investment products.

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The municipal government has also put forward effective measures to further protect intellectual property rights, promote imports and improve the business environment.

The money will be used to help developers develop the next generation of intelligent applications and solutions. Half of the plan includes developers who use Huawei's Kunpeng server chips. Kunpeng is based on the ARM architecture, a chip design developed by the British company Arm Holdings and commonly used in smartphones and tablets.