The move is part of China's broader push to accelerate the commercialization of 5G services. The three telecom carriers disclosed in March that they would invest about 180 billion yuan (.5 billion) on 5G this year. They will also build 550,000 5G base stations this year.
The move came after Huawei posted a 26 percent year-on-year growth in smartphone shipments in the first eight months of this year, despite the restrictions it faces from the United States government.
The move will help address the mismatch between the limited fiscal resources of Chinese regional and local governments, or RLGs, and the RLGs' significant regional social spending responsibilities, according to a report issued by Moody’s on Tuesday.
The move should supplement liquidity in the financing system, while it doesn't mean monetary easing or massive economic stimulus, said a PBOC spokesman.
The move is intended to keep liquidity in the banking system at a reasonably sufficient level, the central bank said.
The movie, which is in both English and Mandarin, is the first feature film to be made as part of a China-UK co-production treaty signed in April 2014 between the UK government and Beijing, to strengthen trade ties between the two partners through creative relationships.
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The move came shortly after Honor, an independent brand of Huawei Technologies Co, made a similar push earlier this month, highlighting the mounting competition among companies to give new vitality to traditional TV businesses.
The move is part of China's efforts to lift 30 million people out of poverty by 2020.
The mobile video streaming sector will enter a transition period, highlighting the importance of social networking functions and valued-added content.
The move shows consumers can finally pay to access the superfast speed of 5G, as more than 86,000 5G base stations have already entered services in China.