China has become a banking powerhouse. Four of the five largest banks in the world are Chinese, according to SNL Financial’s latest global bank rankings. It’s a big change from the past few years when only two Chinese banks made the top five.
A series of new corporate tax cuts are expected to reduce the tax burden on small businesses by more than 100 billion yuan ($15.64 billion), the Ministry of Finance said.
China will develop a renewable energy micro-power grid, to further promote the sustainable development of energy resources, according to the National Energy Administration on Wednesday.