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The innovations cover fields such as trade and investment, government service reform, opening-up in the financial services sector, cooperation with Hong Kong and Macao special administrative regions and an innovative industrial system, said Pan Yuzhang, deputy director of the administrative committee of the area.

The interest rate on excess reserves for financial institutions was lowered from 0.72 percent to 0.35 percent, the first time the country slashed the rate since 2008, the People's Bank of China (PBOC) announced last Friday.

The institute which aims at promoting business and cultural ties between the two countries has seen a surge in Ugandans interested in learning more about China and enrolling for courses in Chinese.

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The immense opportunities in China and the growth potential have attracted more foreign companies, a trend given further impetus by the ongoing China International Import Expo in Shanghai.

The insurance deal is expected to help protect and maintain the sustainable development of the entire scenic zone of the Shennu Peak, according to the committee.

The initiative was launched in December 2015 by SWIFT, a global member-owned cooperative that provides financial messaging services. Since then, nearly 110 banks operating across more than 200 countries and regions, including almost all Belt and Road countries, have joined the initiative.

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The injection was offset by 230 billion yuan in maturing reverse repos on Monday, leading to a net withdrawal of 50 billion yuan.

The incompatibility of charging facilities and diverse modes of payment also set back the development of the industry, the executive added.

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The importance of the fast lane for essential travel between China and Germany was also underscored by President Xi Jinping during his phone conversation with German Chancellor Angela Merkel in June.

The increasing number of fund products with a three-year lockup period in the Chinese mainland reflects the increasing number of Chinese investors willing to do long-term investment, she said.