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The group was not such a significant factor until three years ago when the government called for mass entrepreneurship to spur innovation and inject new impetus into the slowing economy. Subsequently, the number of startups has mushroomed, prompted by a wave of favorable policies, including tax cuts and free workspace.

The heaviest rainfall had resulted in widespread flooding across 35 districts, taking the lives of 160 people, destroying over 43,000 houses, partially damaging 192,000 houses, and displacing over 21,000 families.

The growth in sales revenue of smartphones is much higher than the corresponding rate of sales volume, but that's because the average price of smartphones is rising this year, said the company.

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The government's favorable policies have also promoted the development of the sector. Under the background of deepening medical reform, the country had in past years issued a series of guidelines to lower the threshold for setting up privately run and foreign-venture hospitals.

The guideline reiterates the country's goal of eliminating absolute poverty by the end of 2020.

The high-tech firms have become Shenzhen's major driving force in its imports and exports and the city's expansion of its overseas markets. In 2018, 12 private companies in Shenzhen ranked among the top 100 foreign trade enterprises in China.

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The gross domestic product of Guangdong province is estimated to surpass 10 trillion yuan (.45 trillion) in 2019 and the province aims to develop strategic emerging industries to realize high-quality economic development, its top government official said on Monday.

The holiday, also known as Chinese Lunar New Year, starts on Friday, and Chinese always send best wishes to their families, friends and people they meet. Giving or receiving red envelopes, or hongbao, is an important part of the traditional festival.

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The heavy weight of the floods also fractured part of a bridge on the Yangon-Mandalay highway linking Myanmar's two biggest cities, throwing the country's traffic artery into disarray.

The greater presence of overseas players could help bring more competition and foreign insurers tend to be more competitive in areas such as pension-related products, insurance for industrial projects, protection against major disasters, risk management and asset management, said Wang Guojun, an insurance professor at the University of International Business and Economics in Beijing.