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The central government will roll out a series of incentives to make financing more accessible and affordable for small and micro businesses to promote cost-cutting in the real economy, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.

The center is a modern medical research institution jointly established by Shenzhen government, Peking University and The Hong Kong University of Science and Technology.

The city's recent move to open up registration for companies as part of the first batch of innovation-application experimental labs and future scene labs is an important part of its efforts to buoy innovation. Officials said this will help with the development of businesses in the new economy.

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The city government said it would accelerate steps to scrap several other limits on hukou registration.

The city will soon start the construction of a model community called "Yangtze Youth City" to cater to the needs of graduates, the spokesperson said.

The central idea behind these plans is that the bank is in the process of creating a new multilateral institution, according to Batista.

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The city was also designated as the Tsukuba International Strategic Zone by the Japanese government. Through deregulation and tax incentives, the designation aims to promote "life innovation" for achieving a healthy aging society and "green innovation" for realizing a low-carbon society.

The city's five boroughs are under a flash flood watch until 7 pm Tuesday as the system is expected to dump up to two inches of rain on the metropolitan area, according to the National Weather Service.

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The central government has granted Hong Kong SAR a high degree of autonomy, but that doesn't mean that it has given up its authority, she said to a group of reporters before the weekly Executive Council meeting.

The central government will help the city in testing and building temporary quarantine and treatment centers, in addition to providing medical supplies and daily necessities that the mainland has delivered to the SAR since January, he added.