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The combined profits of China's SOEs rose 8.7 percent year on year to 1.39 trillion yuan (about 3 billion) for the January-May period, the Ministry of Finance (MOF) said on its website.

The comments came after a string of Chinese tech giants and startups inked deals with their UAE counterparts to advance the use of AI in education, transportation, finance, governance and other sectors.

The commanders reached the agreement on Monday in their first meeting since a clash between Chinese and Indian troops at the border area in the Galwan Valley on June 15. This is also the second commander-level dialogue between the two nations since they have been locked in border tension since May. The first dialogue was held on June 6.

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The company has also recently cooperated with Heraeus Photovoltaics, a leading supplier of metallization solutions in the PV industry, to jointly develop new-generation super PV cells to increase cell efficiency and lower costs.

The company also announced a new Intellectual Property Accelerator program designed to help sellers protect their products.

The club, a new platform specially designed for facilitating the potential Japan-related projects, enterprises and business associations entering the Chinese market-as well as Chinese investment in Japan-is located in the Qingdao International Economic Cooperation Zone in the West Coast New Area.

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The company changed management in 2011, and since then cut debt and staff, and opened a huge flagship store in Times Square.

The commission will take into consideration banks' capacity to further support the non-financial sector before introducing the guideline, because asset management rules introduced earlier this year have increased liquidity pressure on banks, according to the official.

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The company has announced that it will not invest in transmissions exclusively designed for internal combustion engine vehicles. Instead, it will focus its development work on flexible platform technologies for long-range plug-in hybrids and pure electric vehicles.

The commission has also encouraged banks to write off their bad loans to create more room for increasing lending.