The regional success of WeChat stores is also having a ripple effect on the surrounding Wuxiang county. About 100 poor villages have now opened WeChat stores, helping roughly 500 residents lift themselves out of poverty.
The regulator's move comes close on the heels of the Cyberspace Administration of China reprimanding Ant Financial earlier over a default setting on its Alipay wallet, which granted its commercial partners access to users' credit records. Ant had the settings adjusted soon afterward.
The relationship started in earnest in Feburary 2015 when the Industrial and Commercial Bank of China Limited (ICBC) acquired shares in Standard Bank's London-based Global Markets business.
The regulator has set a three-year period to accomplish the tasks, including preventing systemic risk, cracking down on illegal businesses and taking more effective measures against foreign insurers that fail to meet solvency requirements and to address long-delayed problems, according to the plan posted by the China Insurance Regulatory Commission on its website.
The report showed that 93 percent of catering companies suspended their operations due to the novel coronavirus epidemic.
The remaining sanctions will snap back on November 4. These sanctions will include targeting Iran's energy sector and petroleum-related transactions, and transactions with the Central Bank of Iran.
昆明工业吸尘器
The regional development gap among Beijing, Tianjin and Hebei province is shrinking, a key report has disclosed.
The report captured attention in both the media and the capital market. As a result, the Shenzhen-based company's stock fell by the 10 percent daily limit on Monday and Tuesday. That was despite BGI's statement on Monday that the boy's defects were not included within the range of its gene testing methods.
The report highlighted major advances that China has made in financial sector reform, recent measures including the upgrading of the monetary and macro-prudential policy framework, establishment of a deposit insurance system, implementation of the Basel III regulatory framework, better investor protection and improvements in institutional arrangements in the capital market.
The regulation says that makers of the rocket, engine or any part containing explosive or inflammable substances must obtain approval from related authorities before starting their operations.