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The move is expected to release about 1.38 trillion yuan of funds for commercial banks, said Ming Ming, an analyst with CITIC Securities.

The mounting enthusiasm for 5G handsets came as the global smartphone industry has been on the decline for six straight quarters due to market saturation.

The move is an acknowledgment by Facebook that it needs more than its recent focus on automated software to identify and remove such material.

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The move also came after Huawei's consumer business posted a record billion in sales in 2018, driven by the strong demand for its premium smartphones. The company shipped more than 200 million units of smartphones worldwide last year and surpassed Apple Inc as the world's second largest smartphone vendor.

The money will be distributed in the form of State benefits in an attempt to cover basic living expenses, Wang said at a daily news conference in Beijing on Friday.

The mooncake was a special present from Chongqing Zoo and some panda lovers in the municipality, made from rice, eggs, soybeans and seasonings including salt and vegetable oil.

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The move came as China called for intensified efforts to develop big data and further promote the integration of big data with the real economy to spur long-term growth of the country.

The moves came after the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global crude demand.

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The move came as China vowed to pursue higher-level opening-up to provide a strong impetus for establishing a new development pattern, which was stressed at the 15th meeting of the Central Committee for Deepening Overall Reform on Sept 1.

The move comes as market competition in the country becomes increasingly intense.