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The new rules aim to rein in risky lending practices in the financial system and eliminate banks' explicit and implicit guarantees to investors on wealth management products. So, banks have strengthened efforts to issue new WMPs valued on a net asset basis since last year.

The new law will improve the global influence of TCM and boost international cooperation and exchanges, said Wang.

The new grants come as the CAAS celebrates its 60th anniversary. In a congratulatory letter, President Xi Jinping urged the academy to step up innovation and strive for a leading position in science and technology.

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The new rule took effect on 10 am on Friday.

The new Beijing Daxing International Airport embraced an uptick in passenger trips during the break as well, since more flights have moved from Beijing Capital International Airport in recent months, handling 708 flights and 58,300 passenger trips during the holiday, the aviation administration said.

The new digital innovation center is expected to help the company seize the opportunity from the rapid development of the internet and strengthen its offline sales.

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The new administration merges the duties of the State Administration of Grain with areas related to grain and other materials of strategic importance currently under other ministry-level agencies, including the National Development and Reform Commission, the Ministry of Civil Affairs and the Ministry of Commerce.

The new rules will encourage overseas financial institutions to conduct equity, business and technological cooperation with banking and insurance institutions controlled by private capital.

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The new company was registered in the Shanghai Free Trade Zone on December 19. Zhu Xiaotong is the legal representative and chairman, according to a filing from China's National Enterprise Credit Information Publicity System.

The new area will strive to expand its cooperation with investors from Hong Kong and Macao to achieve that goal.