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The city government is encouraging people to shift from sea-based livelihoods to the service sector in a bid to reduce nearby fishing and protect reef resources.

The central bank has cut the reserve requirement ratio, the amount of cash financial institutions must keep as reserves in the PBOC, three times this year, releasing in all 1.75 trillion yuan (6.09 billion) of liquidity into the financial system. The last cut was on May 15.

The city's economy has been hit by a set of factors including global economic slowdown, trade tension between Beijing and Washington and local social unrest, which have led to a sharp drop of retail sales and the number of tourist arrivals.

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The central government is determined to see the real estate sector, which tended to overheat again in recent months, cool down－never mind the downward pressure on the economic growth. Real estate is not a chamber pot.

The central bank pledged a "patient and flexible" approach to future policy tightening moves, as a way to "manage risks while assessing incoming information bearing on the economic outlook," according to its latest meeting minutes released on Wednesday.

The central government has already launched an action plan aimed at removing administrative barriers between the capital Beijing and its neighbours, Hebei province and Tianjin.

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The central government mapped out a plan four years ago to build 20,000 soccer pitches for use by members of the public by this year as part of a package of measures to build the country into a soccer superpower by 2050. The initiative will increase the number of pitches nationwide to 70,000.

The central bank first issued such bills in Hong Kong in November 2018, raising 20 billion yuan. It then issued bills in February, May, June, August, September, November and December in 2019, raising a total of 120 billion yuan.

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The city also plans to build more facilities to meet the demands of foreign workers. By 2022, 10 schools for the children of foreigners will be established, and residential communities attractive to foreigners will dot the city.

The chairman added that China Huarong would continue to consolidate its market-leading position to facilitate the exit of loss-making "zombie" companies and to support the debt-for-equity swaps of commercial banks.