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The system represents the fundamental interests of all people and fulfills their aspiration, avoiding the defects of old-fashioned party systems that represent only a select few or vested interests.

The surge came after an MOF guideline was unveiled last month to accelerate the launch of special-purpose bonds by local governments to stabilize investment, expand domestic demand and strengthen weak areas.

The substantial rise in FDI points to the country's efforts to improve the overall business environment, said Wei Jianguo, vice-president of the China Center for International Economic Exchanges.

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The supplies include disposable surgical masks, disposable medical gloves, protective clothing and goggles, which should support the countries in combating the novel coronavirus outbreak.

The tax cuts have driven up domestic consumption, with sales revenue from the service sector in the first three quarters of the year up 16.2 percent year-on-year and sales revenue from e-commerce up 16.8 percent, the State Taxation Administration said.

The subscription by Hungarian Eximbank on behalf of Hungarian government to Sino-CEE Fund is a major step forward taken by Hungary in response to the call for enhanced cooperation between China and CEE countries.

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The sustainable development of businesses must be taken into account during the selection of operators, and the variety of products they offer, in addition to liquor and cigarettes, will be an important factor.

The target was built on the progress the country made last year, when it cut 290 million tons of excess capacity in the coal industry.

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The swap will be due on Oct 30, 2020, said the statement.

The subsidiary attracted investors, including Tencent Holdings Ltd, Sequoia Capital China and Heima Zongheng in the new round, which industry insiders noted again bucked up previous rumors on the startup's problems in raising funds.