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The insurance should cover possible losses in yield or quality due to natural disasters, plant diseases and pests, and other risks, according to the document.

The index, above an average level of 54.4 in 2018, has been in a gaining streak for three months, according to the NBS.

The interest rates for first-home buyers in Beijing have been increased by 5 percent to 20 percent over the central bank's benchmark rate.

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The index of brand development in China reached 107.82 in the third quarter of this year, suggesting that Chinese companies have made steady progress increasing their brand influence.

The index measuring the logistics sector's expansion stood at 54.2 percent in January, down by 2.4 percentage points compared with last month, official data showed Friday.

The initiative not only provides business opportunities to foreign companies, but also drives Chinese companies to search for opportunities in these economies.

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The increase was generated in part by more stringent criteria for recognition of non-performing loans, as the group proactively included loans overdue for 90 days and more in NPLs, said Hu Gang, vice-president of the bank.

The idea behind the center was born in 2001 when Zhang worked as a volunteer teacher during his undergraduate days at Fudan University in Shanghai. He said that it was through teaching at a primary school for migrant workers' children in Jiangwan town, a suburban region in northern Shanghai, that he discovered the predicament faced by these youths.

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The industry's comprehensive solvency adequacy ratio stood at 238 percent at the end of the first quarter, well above the 100 percent requirement, said China Insurance Regulatory Commission in an online statement released Tuesday.

The initiative is the brainchild of Chinese business magnate Jack Ma, executive chairman of the Alibaba group, and aims to find and promote the next big entrepreneurs in African countries.