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Having reined in rampant peer-to-peer lending and insecure cash loans, Chinese regulators are moving fast to keep abreast with the latest developments and protect market order.

He added that Spain is willing to make joint efforts with China to push for continuous development of friendly cooperative relations between the two countries.

He also advised legislators to clarify the responsibilities and the division of work among regulatory authorities, as well as the relations between business innovation and standardized development of the payment industry, and the responsibilities of different types of regulation on the industry, behavior and institutions.

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He argues that the?online estimates offered by Pro.com, Amazon and others confuse?the marketplace.?For instance, he said a customer recently told him on a service?call that she saw a 9 quote on the Internet for fixing her water tank’s?drain valve.

Having become a significant impetus for the country's economic growth, mobile payment is reshaping traditional consumption patterns and catalyzing new business models, according to the report.

He also said he would earnestly reform himself.

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He added that large investment would be needed as both PSA and FCA are "currently lagging far behind the competition in terms of technology and product range".

Having been in the digital entertainment and media technology field for more than 15 years, Lee said the emergence and trend of social media, 5G and the application of augmented reality and virtual reality have brought the IP industry to a new era in the virtual world.

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He Yanjun was appointed ambassador to Comoros, replacing Xiao Ming.

He Haifeng, director of the Institute of Financial Policy, which is a part of the Chinese Academy of Social Sciences, said the integrated development of the delta region presents many latent challenges. So, more efforts should be made to reform finance and tax areas, to reduce fees in various fields, and improve the overall business environment.