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The report by The?Information’s Kevin McLaughlin and Mike Sullivan did note, “To be sure, Microsoft has been expanding its cloud business by opening new regions with multiple data centers in the past year. That may have increased its potential for outages, particularly if newer facilities have kinks to be worked out.”

The report points out that restricting Chinese companies in 5G could potentially impair the market vitality of the ICT (information and communication technology) sector, and the EU's leading position in the global supply chain, which would result in a lose-lose situation.

The report said that global merchandise trade volume growth has slowed more sharply than expected, particularly in late 2018 and early 2019.

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The report said Chinese tourists made 140 million outbound trips in 2018, 11 million more than in 2017, representing a 13.5 percent increase year-on-year.

The regulation is meant to implement article 26 of China's Foreign Investment Law, which provides that the State establishes working mechanisms for complaints by foreign-invested companies, promptly handles the issues raised by them or their investors and coordinates and improves policy measures in question, said Zong Changqing, director-general of the ministry's Department of Foreign Investment Administration.

The regulations and approval processes for cities to apply for building urban rail transit projects were relaxed by the central government twice in 2013 and in 2015, respectively.

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The report also calls for every adult to have digitally enabled financial and health services by 2030, in keeping with the UN's Sustainable Development Goals.

The regulator granted a transitional period of 12 months starting on Friday. During this period, commercial banks are still allowed to issue existing structured deposits but should strictly control the size of existing products and reduce them in an orderly way. This is to ensure that the market impact will not be huge, he said.

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The regulator has also urged banks to step up the disposal of nonperforming loans and gradually expand the channels and methods of bad debt disposal. In the first quarter, commercial banks disposed of more than 450 billion yuan of bad loans, up by 81 billion yuan on a yearly basis, he said.

The report came as the nation is playing an increasingly crucial role in the passenger vehicle market globally, with its shares in the global market rising from 9 percent in 2007 to 30 percent last year.