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The regulator will also encourage more financial firms to participate in such programs to reduce corporate debt leverage. So far financial firms have invested about 425.1 billion yuan in 363 debt-for-equity swap projects, according to Liu.

The remarks were made before 400 business, political, and cultural leaders attending a Chinese New Year celebration in London that was hosted by The 48 Group Club and the Chinese Chamber of Commerce in Britain.

The report forecast that the country's natural gas demand would rise 10 percent year-on-year to 258.7 billion cubic meters in 2018.

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The regulation, approved by the Standing Committee of the Hebei People's Congress, will take effect on Nov 1.

The remarks came as a report forecast that Asia is expected to lead the world in economic development in the future. According to the Asian Competitiveness Annual Report 2018, which was released at the BFA conference, the continent will benefit from improved external growth, restructured internal drivers, and deepened Asia economic integration.

The rent for Grade A office in Beijing's Central Business District is expected to drop 15 percent by the end of 2021 as supply is expected to rise from this year, industry experts said.

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The report said that Shenzhen, Suzhou, Hefei and Zhengzhou－which experienced double-digit home price growth in past months－saw their prices lower or with little change last month.

The regulation stated that it is legal for females who are 20, the legal age of marriage in China, but who decide to remain single, to use medical assisted reproductive technology to have a baby.

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The report on the incident by Yanzhao Metropolis Daily said the two dogs are shepherds raised by a local villager who claimed to know nothing about the dogs leaving home. The dogs have been seized by related government departments, it said.

The report also said that China faces a major challenge in balancing growth stabilization and economic restructuring this year. "The government has had to repeatedly rely on investment and monetary supply increases to achieve its pre-set growth target," it said. "This year, China will still have to balance achieving the growth target, restructuring and reform, and it will become more challenging and difficult."