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The fund's second phase, to be launched this year, will be worth billion, according to Xinhua.

The general manager of the year award for Greater China went to Torsten van Dullemen, the GM of The Landmark Mandarin Oriental, Hong Kong. Frank Reichenbach, GM of Marco Polo Ortigas Manila, claimed the top award for ASEAN countries.

The government will foster a new type of cordial and clean relationship between government and business, improve mechanisms for communication, inspire entrepreneurial spirit and promote development and upgrading in the private sector, the report said.

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The government sees the program as a key measure to boost its ongoing supply-side structural reform, which could further facilitate the auto trade and provide more consumer choice.

The funds raised may be channeled to finance projects in power generation, transport, industrial and energy infrastructure, and cross-border projects in Siberia and the Russian Far East, according to Gorkov.

The funds are for the exclusive use of workers in the purchase, construction or renovation of homes. Monthly contributions from both the employer and employee are required to be made to the employees' accounts.

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The four-day event includes the 2020 Global Investment Forum and nine sideline forums and seminars, and delegates participating in this year's fair will focus on the trend of global investment and the world economy amid the pandemic.

The government will encourage them to establish independent financial companies and apply for financial licenses to better serve the real economy by using their own capital, said Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission.

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The government is encouraging banks to support small businesses, which often have difficulty obtaining bank loans.

The government already launched a series of policies to boost the development of three major urban areas－the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Pearl River Delta.