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The report also points out Chinese undergraduates outnumber Chinese graduate students in the US. The States offers few undergraduate scholarships for international students but comparatively more for graduate schools. But Chinese families can increasingly foot the bill for undergraduate education, too.

The remarkable improvement of the Chinese mainland in the ranking can be traced to its dedication to international trade, and "this continues to drive the economy and the improvement in government and business efficiency," said Bris of the IMD World Competitiveness Center.

The relative stability of the Chinese equities market also benefited from the sufficient liquidity and the low valuations of listed companies. Investors' sentiment is also supported by an improving economic environment as 98 percent of listed companies have resumed production, Li said.

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The report also pointed out a majority of the investors live in Beijing, Guangdong province, Shanghai, Zhejiang province and Jiangsu province.

The region's northern area is known for animal husbandry and the south for its farming.

The release, published on the website of the Communist Party of China Central Commission for Discipline Inspection and the National Supervisory Commission, did not elaborate on details of the probe.

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The regulation also ordered a cap of 100 yuan per person for cash gifts and the number of tables at each banquet should be kept under 20. Firecrackers and balloon arches have also become history. "No one has violated the regulation so far," said Xiao.

The regulator also gave the green light to Chongqing Rural Commercial Bank Co Ltd and four other companies in November to jointly set up a consumer finance company with a registered capital of 1.5 billion yuan.

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The region's GDP per capita in 2017 increased 24 times to reach 39,259 yuan, from 357 yuan in 1978.

The report also listed some employment targets, such as that the registered unemployment rate should not exceed 5.5 percent and to create over 9 million new urban jobs.