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The loan fraud case has exposed "numerous defects" in the internal controls and management of these institutions, which sought business expansion aggressively and blindly, "creating loopholes that criminals can exploit," the regulator said in a statement.

The major target of such tax cuts in 2019 would be small and micro companies, which provide majority of jobs, according to Bai.

The logo of e-commerce company Pinduoduo. [Photo/VCG]

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The main business of HNA Innovation Finance Group covers bulk commodity trading, financial investment and consumer finance products and services.

The letter further called on the league to play its role in expanding economic and cultural exchanges with Taiwan, improving the welfare for people on both sides of the Strait and consolidating the foundation of public opinion for the peaceful development of cross-Strait relations.

The main section of the Kunyang Road Cross-River Bridge was officially connected on May 28.

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The long-awaited Shanghai-Suzhou-Nantong Railway will start operation on July 1, The Paper reported on Monday.

The man who stole the empty aircraft of Horizon Air, which was a Q400 turboprop jet, was identified as 29-year-old Richard Russell, who was killed after the plane crashed on Ketron Island of the Puget Sound region, local media quoted multiple sources as saying.

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The logo of Didi Chuxing is seen at its headquarters in Beijing, May 18, 2016. [Photo/Agencies]

The market has expected fiscal deficit to surge to 3 percent or even higher, but the Ministry of Finance declined to comment on the specific number before the NPC conference.