The announcement was made by Shanghai Vice-Mayor Wu Qing in a press briefing last week, when he detailed a number of AI-themed activities taking place this year and outlined the city's key objectives in the AI realm.
The approval marks a "milestone", said analysts, adding that the new company might provide an innovative business model for the development of the country's personal credit market and help curb credit defaults emerging from the much-maligned and less-regulated online lending activities.
The ambassador said opening embassy at the one-year ceremony of the diplomatic relations is another important milestone for both sides.
The announcement means that more than eight million people in the entire city of Zunyi have officially bid farewell to poverty.
The advantage of the Hong Kong market lies in the lower revenue threshold and the relatively simple and quick listing process. It also offers companies ready access to overseas funds, while the mainland market prides itself on high valuation, as well as government support, said Li.
The airline also has extensive network across Southern Asia, enabling passengers from Africa whose destination is not China to get seamless connections across the region.
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The annual capacity of the plant will be doubled to 200,000 tons when the project is completed in 2020.
The airline owns more than 700 aircraft but plans to increase the size of its fleet to 1,000 by 2020.
The agency expects China to overtake Europe within a few years in terms of energy-efficiency investment, as the Asian country has replaced Japan as the world's top investor on energy research and development as a share of the GDP.
The annual event, in which students organize their own sales force and sell beauty products to their peers and teachers was launched by L'Oreal China and the China Youth Development Foundation, also known as CYDF, in 2003. The L'Oreal group also sent mentors to train the novice salespeople and help them devise marketing strategies and set up sales counters.