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The momentum of economic development is getting stronger in China, which plays a significant role in driving the global economic recovery, according to the president.

The move sent ripples through international markets, and on Monday it also drove down stock prices of US semiconductor companies that sell chips to Huawei.

The move comes as instant-messaging apps and illegal telecom technology are increasingly being used to swindle citizens. In 2017, there were more than 596,000 cases of telecom and internet fraud in China, causing economic losses of 13.1 billion yuan (.9 billion), according to data from the Ministry of Public Security.

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The mountainous county of Luhe in Shanwei, Guangdong province, did not have access to a freeway before January 2017, and only 10 percent of its 1,000 square kilometers of land can be used for farming.

The move aimed at keeping liquidity in the banking system at a reasonably sufficient level before the Spring Festival, according to a statement on the website of the PBOC.

The most affected provinces like Albay province, Camarines Sur province, Camarines Norte province and Sorsogon province are now placed under a state of calamity. This would allow the fast release of relief funds, while price controls would be imposed on basic necessities and prime commodities.

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The most prominent project implemented by China and Kenya is the Mombasa-Nairobi Standard Gauge Railway, a hallmark of infrastructure cooperation. The railway, which provides convenient travel between Mombasa and Nairobi, has brought huge benefits to Kenyans and become a driving force for the economic and social development of the country. Its success has sparked other projects on transmission lines, water supplies and urban construction.

The move can standardize local government debt issues as well as help prevent and defuse debt risks in the transport industry.

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The move brought down sales by more than 30 percent in 2016, with the contraction of infrastructure construction and rules that put a ceiling on the interest rate of bank loans.

The move was the latest by China to improve regulation of the insurance sector and prevent financial risks.