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The more numerous and deeper the tunnels, the greater are the challenges faced by the construction team. According to the company, geologic structures are more complicated in deeper areas, where hard rock may easily burst and soft rocks are more likely to be deformed during construction.

The ministry's move is consistent with the major economic tasks announced at the annual Central Economic Work Conference held in Beijing from Wednesday to Friday, where China's central leadership charted the course for the economy in 2019, a key year for the country to achieve its goal of building a moderately prosperous society in all respects by 2020.

The move aimed to counteract the impact of peak tax period and maintain liquidity in the market, according to the statement.

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The most important thing is training and further education. People must be prepared for the future. Only countries that invest in their citizens are going to be successful. China has seen a long process of persistent and rapid economic development. The challenges now are to adjust the industrial structure, as well as highlighting environmental issues. I am convinced, however, that the Chinese government will ring in a new era with the "green economy".

The most active crude oil contract for October 2020 delivery was down 2.8 yuan (41 US cents) to close at 286.3 yuan a barrel.

The moderate industrial growth and external risks may add to the pressure of a growth slowdown in the short term, the December edition of China Economic Update, said a brief report released by the bank.

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The move will also expand channels for foreign investors to allocate RMB assets and further open up the country's domestic financial market, the statement said.

The move immediately sent US stocks plunging, with the Dow Jones Industrial Average closing the day down more than 280 points, or 1.05 percent, to 26,583.42 points and the S&P 500 retreating 0.9 percent to a one-month low at 2953.56 points.

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The move could have wide-ranging implications in the technology industry, especially in the payments arena where PayPal is the historic leader but new entrants are emerging, including Amazon.com. eBay — with a market value of .6 billion — also operates a fast-growing office in Bellevue. PayPal accounts for about half of eBay’s revenue.

The model will be sold in China and exported into other countries as well.