The change, as the PBOC explained, could indicate that financial institutions are gradually adopting the new rules on asset management products, the most influential policy to crack down on shadow banking, which was issued in April 2018.
The choice of a new president with a financial academic and professional background gave markets the impression that the housing market giant would be evolving towards a finance-oriented development model.
The city plans to focus on its robust private sector and advanced manufacturing capabilities.
The central bank announced recently that it will increase its quotas for relending and offering rediscounts to financial institutions by 150 billion yuan (.53 billion), to ensure targeted loans can be channeled to private firms. The move follows an expansion of the same amount in June.
The city's mayor, Bill de Blasio, was out of town campaigning in Iowa for the Democratic presidential nomination. He hurriedly returned on Sunday morning.
The changes are taking some off guard, especially retailers that?found the program valuable. Lamps Plus, a retailer who used the program and was featured in an Amazon case study, said the program increased sales by more than 80 percent.
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The city also has several national-level industrial parks which enjoy favorable openingup policies, including the Sino-German Eco-Park, Qingdao Economic and Technological Development Zone and Qingdao Bonded Port Area.
The city, which already hosts 500 5G stations, is looking to build itself into a 5G pioneering venue. It aims to construct 10,000 5G base stations by the end of this year and 30,000 by 2021, said Zhang Jianming, deputy director of the Shanghai Municipal Economic and Informatization Commission, the local telecom and industry regulator.
The centers will open to all locals who have the desire to improve their standard Chinese language, vocational skills and knowledge of laws. They can choose to take courses of different lengths while coming and going freely, he added.
The city will also encourage an influential bookstore chain to set up branches in busy streets, commercial centers, residential areas and at tourist attractions to improve visibility.