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Apart from financial and market management measures, SOEs should remove their low-efficiency assets, reduce costs and increase profits, which can defuse their liabilities and reduce debt, said Zhou Jianqi, a researcher at the Development Research Center of the State Council.

Ant Financial Services Group, the financial arm of Alibaba, acquired a controlling 51 percent stake in Cathay Century Insurance Co Ltd in 2016.

Any spending proposal must be passed by Congress. Republicans and Democrats differ on how much money should be allocated and how it should be spent.

Another challenge in China is the diversification of communication channels. Social apps, news apps, mobile media, direct marketing, friends and key opinion leaders or KOLs could all be sources of information.

Another policy that took effect on Wednesday was a revision to the regulation on distant-water fishing.