The move also comes as wider use of 5G technology is expected to open up new possibilities for VR and augmented reality technologies, and the industry is now at the tipping point for growth.
The move has not only angered local and foreign students, but also raised fears among the country's universities that the heavy-handed approach by the government could have serious repercussions on the education sector.
The moves are aimed at offsetting impacts from factors including taxation peaks and financial institutions' deposits of required reserves, according to the central bank.
The move to adjust rebate rates has been welcomed among export companies. Liu Mingfang, general manager of Hefei Rijin Electronics in Anhui province, said his company produces components for air conditioners and other electronic devices that are mainly shipped to clients in the United States and Europe.
The monetary policy should "maintain strategic focus", keeping it prudent while the liquidity should be at a reasonably adequate level, it said.
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The ministry's spokesperson Ren Guoqiang said at a press conference that Wei was invited by Indian Defense Minister Nirmala Sitharaman, adding that defense departments of the two countries are discussing issues related to the visit.
The monetary authorities will prefer "structural monetary policy tools", as the central bank calls them, to address financial strains in a targeted manner. The tools are designed to support small and medium-sized businesses and their employees, by ensuring the provision of credit to specific sectors and preventing excessive money spilling across the financial system, according to analysts.
The most jobs generated by a single Chinese investment in 2016-6,020-were in Kentucky's third district in Louisville, where Haier acquired GE Appliances for .6 billion.
The move aims to reduce the cost of innovation and entrepreneurship, energize small and micro businesses and spur job creation.