The growing popularity of short videos is attributed to higher internet penetration rates, faster internet connections and cheaper data plans, said Neil Wang, president of consultancy Frost & Sullivan in China. "Spring Festival is perhaps the best time for tech companies to build brand awareness and increase the number of users on their apps, especially in rural areas," he said.
The group disclosed a package of 131 innovation-driven measures and mapped out schedules for each key project, which are aimed to turn the company into one of the leading innovative financial groups globally by 2025, according to Miu Jianmin.
The growth of China's broad money supply or M2 slowed to a record-low of 8.9 percent in August, indicating a tightening regulation on off-balance sheet financing, aimed at preventing systemic risk, according to the central bank.
The growth of commercial banks' off-balance-sheet wealth management products has slowed noticeably as regulators have tightened oversight to control risk.
The growth was chiefly driven by strong demand for hearables including Apple Inc's AirPods and Huawei's wireless earbuds. IDC said hearables alone accounted for almost half the wearables market from June to September, with 40.7 million ear-wear devices shipped from factories.
The guideline also stressed the integration of different sized firms, the coordination of production, education and research, and cooperation between different types of demonstration bases to stimulate innovation.
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The grand opening of the resort hotel also shows Fosun's commitment to focus more on industries related to people's happiness, health and affluence, said Qian Jiannong, senior vice-president of Fosun International.
The guideline stipulates that people who deliberately cause traffic accidents or attempt to blackmail others by citing their violation of traffic laws-offenses under the related provisions in the Criminal Law-will be charged with the crime of extortion by blackmail.
The high-speed railway stops linking the mainland and Hong Kong will be increased to 58, according to sources from China Railway.
The growth momentum of China's economy eased a little, with slower but fine-tuned growth in industrial output and investment, experts and officials said on Thursday.