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The move is part of China's broad push to build world-class AI processor companies that can rival Intel Corp, Qualcomm Inc and Nvidia Corp in future.

The move spooked the market by igniting doubts on whether the move signaled the Fed's determination to stabilize growth or indicates that things are so dire that it had to make extraordinary moves, according to analysts at China International Capital Corp.

The movie marks veteran producer Bill Kong's latest investment in a coming-of-age movie, 10 years after he produced Jay Chou's directorial debut, Secret, also about youngsters.

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The move "sent a clear signal" of keeping liquidity "basically stable" by providing medium- and long-term funds to help the banking system through the mid-year strain, said Li Qilin, chief macro researcher with Lianxun Securities.

The move is among a number of measures to accelerate cultural and business activities during night time in China. Many cities, especially metropolises such as Beijing, Shanghai and Guangzhou, have rolled out plans to support nighttime consumption, aiming for new economic momentum in the service sector between 6 pm and 6 am.

The move reflects the company's unwavering efforts to deepen mixed ownership reform and to contribute to China's commitment to build a clean, safe and efficient energy mix, he said.

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The most popular destinations are Thailand, Japan, Singapore and Vietnam. The Nordic countries and the United Arab Emirates are also among the favorites. Some of the travelers will be going as far as Antarctica.

The move is part of China's broader push to bolster competitiveness in advanced manufacturing by building a sound industrial internet infrastructure.

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The move will offer digital resources from Alibaba's ecosystem－including e-commerce sites Taobao and Tmall, and virtual wallet Alipay－expanding Starbucks' current online offering.

The municipal legislature reviewed a draft parking regulation of the city for a third time late last year, including the terms of parking space sharing among residential areas and public institutions.