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The removal of a public statue in Manila, which was erected last December and commemorates Filipino "comfort women" of World War II, has sparked fury and concern across the globe.

The report shows 37 listed banks realized a total net profit of 1.53 trillion yuan last year, representing a year-on-year increase of 6.68 percent.

The report says most AI companies in Beijing are in the fields of health care, household appliances, urban management, retail, and self-driving.

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The renovation campaign, which started in 2008, has helped more than 20 million poverty-stricken families to build new homes up to 2016. According to the 2017 Statistical Communique on National Economic and Social Development by the National Bureau of Statistics, China completed renovation of dilapidated houses for 1.52 million families, who used to live below the poverty line, last year.

The report called for more efforts to promote the development of IT-based infrastructure in the tourism sector, speed up the construction of 5G networks and expand the coverage of wireless networks.

The remedy, according to Schwab, might be "qualitative easing," "a new social contract to ease the pressure on societies as they cope with huge transformations," comparable to the quantitative easing put forward by governments and regulators to adjust to the shock of the economic crisis, he said.

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The region's increasingly close interactions and cooperation with the mainland have "injected strong impetus to its development" said Huang, while stressing that the region has kept its distinct features and strengths.

The report attributes the rise to more channels open for foreign capital, including the expected rising inclusion factor for China's A-shares in MSCI and the inclusion of Chinese bonds to Bloomberg Barclays Global Aggregate Index.

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The report shows that investors' preference for the internet and technology sectors has showed signs of retreat, but the areas still remained most popular for investment.

The regulatory commission also instructed banks to allow enterprises to use their accounts receivable, warehouse receipts and inventories as collateral to secure funds through supply chain finance.