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The move aims to turn Hainan into a highland for the nation's reform and opening up and shows its resolution and confidence to open wider to the world.

The move to adjust rebate rates has been welcomed among export companies. Liu Mingfang, general manager of Hefei Rijin Electronics in Anhui province, said his company produces components for air conditioners and other electronic devices that are mainly shipped to clients in the United States and Europe.

The move is part of the State-owned enterprise's efforts to promote corporate social responsibility among its peers in the nation, as most rural parents seeking jobs in the cities have taken urban construction jobs.

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The most recent RRR cuts came on Jan 6, through which the ratio for big banks was reduced to 12.5 percent from 13 percent, and for small and medium-sized banks to 10.5 percent from 11 percent, according to the PBOC.

The move showcased the company's determination to gain a presence in the booming sector. China is the world's largest market for industrial robots, and the aging population also creates a growing demand for service robots in the medical, healthcare, education and entertainment sectors.

The move marks the very first step in a process expected to pave the way for the first financial technology spinoff and separate listing by the insurance conglomerate on Hong Kong's Main Board.

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The move appeared to mark a break in months of warming inter-Korean relations and against the momentum that has been building up between Washington and Pyongyang.

The mountain, best known for its Buddhist Huguo Temple with a history that can be traced back to the Ming Dynasty (1368-1644), is recorded in the travel diaries of Xu Xiake, a distinguished travel writer and geographer who is regarded as China's Marco Polo.

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The money market will see 410 billion yuan of repos, reverse repos and medium-term lending facility (MLF) mature this week.

The move represents an important chapter in the development of China's democracy.