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The move could reduce the time taken for enterprises to open bank accounts to one or two working days, based on experiences from pilot projects, said Fan.

The move came not long after the GGV led a .4 million investment to Nice Tuan. Founded in June 2018, Nice Tuan is one of the fastest-growing startups in terms of community-based group buying.

The move came as more base stations are needed to support 5G network than 4G networks. The new-generation superfast technology has higher frequency and one base station can cover a smaller area with mobile signals.

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The move followed similar policies announced in other big cities. In Changsha in Central China's Hunan province, authorities suspended housing purchases by enterprises in certain restricted areas.

The move followed the steps of the other two major credit ratings agencies Standard & Poor's and Moody's Investors Service, which downgraded the Chinese developer last September to junk grade.

The move comes as the city, a cradle of tech giant Huawei and drone maker DJI, is stepping up to shrug off concerns about a slowing economy amid the rapidly changing international environment and the city's high-quality development efforts.

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The move by the Japanese firm underscored the rising interest of global financial institutions of expanding their presence in China.

The move is part of the company's broad efforts to build international submarine cable infrastructure. The State-owned company said it has built more than 30 submarine cables.

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The nation will offer policy support to companies restarting production to ensure smooth operation of the industrial supply chain. It will promote the simultaneous work resumption of global companies and upstream and downstream businesses in electronics and automobile industries, according to the ministry.

The nation is moving from raw GDP growth toward an emphasis on improving the quality of citizens' lives. The National Bureau of Statistics' summary of the third-quarter data said: "Solid efforts were made to advance the 'three critical battles' of preventing and defusing financial risks, conducting targeted poverty eradication and controlling pollution."