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International best practice, however, is not just the traditional way Western countries follow or what Western countries want Asian countries to follow, Jin said.

Innovation. Digital. Consumers. China is looking toward a digital future by encouraging innovation-led development. With national initiatives, such as Digital China, Internet Plus and Made in China 2025, we are witnessing a transformation in the nation and Chinese companies.

Institutional investors with a balance of no less than 100,000 yuan (,240) or an equivalent foreign currency balance in their respective margin account for five consecutive business days are allowed to apply for a trading code or trading access for the bonded futures. Individuals meeting the same margin account requirement are also eligible for trading.

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Investors check share prices at a brokerage in Jiujiang, Jiangxi province. [Photo by Yao Feng / For China Daily]

Instacart utilizes a similar business model to that of Webvan, a company that lost investors hundreds of millions of dollars in perhaps the biggest bomb of the dot-com bust. But Sequoia executives, who also invested in Webvan, have said that technological advances and?a more creative business model helped Instacart crack the same-day delivery code in a way that is good for both customers and the business.

Investment in healthcare institutions set to rise amid ongoing medical reform

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Instead of lowering the RRR for all banks, Monday's cut is a focused tool that can improve monetary policy efficiency and avoid a "flood-like" stimulus, said analysts.

Intermingled with the summer grass, flowers blossom on a hillside at Shandan Military Horse Farm in Gansu province.

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Innovation has proven to be essential to the emergence of new drivers for the Chinese economy in recent years. Thirty years ago, China's first email was sent from Beijing. Today, China has 750 million Internet users, our on-line retail sales are growing by 30 percent a year, our "sharing economy" has reached 3.5 trillion yuan in size, and China's mobile payment transactions have exceeded 158 trillion yuan. This example shows that as long as we keep exploring, we will see more opportunities and successes of innovation-driven development.

Instant noodle companies are feeling the pinch. Tingyi, which makes and sells Master Kong instant noodles, had a revenue slump in its instant noodle business from 4.3 billion U.S. dollars in 2013 to 3.2 billion U.S. dollars in 2016. The company even had to sell its inoperative noodle and beverage factories in the city of Xi'an, northwest China, earlier this year.