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The report also highlighted the intention to gradually unify the current "dual-track" interest rate system－the benchmarked interest rates set by the monetary authority along with the market-oriented money market interest rates. The unification is seen as key to improving the monetary policy transmission procedure, or channeling more funds into the real economy.

The report said China's private wealth market experienced a five-fold increase over the last decade, keeping releasing considerable growth potential and huge market value.

The regulator also required that investors must use their own, legally obtained capital to acquire a stake in an insurer and investors are banned from using a holding company or transferring expected investment returns to evade the rules.

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The relationship with the Philippines has always been a priority in China's neighborhood diplomacy and China is willing to maintain close high-level exchanges with the Philippines and deepen the political mutual trust, he said.

The region has vowed to take part in the national effort to lift all Chinese out of poverty by 2020.

The report cited data from Analysys Co, saying it is predicted that the scale of internet celebrity economy in China is likely to reach 100 billion yuan ( billion). The compound annual growth rate from 2015 to 2018 is estimated to be nearly 60 percent.

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The report also highlighted the recent push by China to emerge as a world-leader in the field of artificial intelligence (AI) and robotics, saying that this would serve as a bigger "game changer" for China than it will be for other countries around the world.

The region received more than 40 million domestic and overseas tourists in 2019, an increase of 19.1 percent year-on-year, and its income from tourism reached nearly 55.92 billion yuan (.9 billion), up 14 percent year-on-year.

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The report said that reforms have been "generally more far-reaching in emerging markets than in low-income developing countries over the past few decades".

The region has also conducted reviews and supervision of projects implemented.