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The regional success of WeChat stores is also having a ripple effect on the surrounding Wuxiang county. About 100 poor villages have now opened WeChat stores, helping roughly 500 residents lift themselves out of poverty.

The regulation introduced new guarantees for SMEs to ensure they are paid in full by government agencies, public institutions and large enterprises, including limits on payment times, information disclosure on overdue payments, and punishment for defaults.

The regulation, issued by the Ministry of Public Security, Ministry of Industry and Information Technology and Ministry of Communications, will take effect May 1.

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The report delivered at the 18th CPC National Congress included ecological development as a major task in the country's overall plan and proposed building a "beautiful China" as a grand goal for ecological progress.

The regulator urged the expanding of financial channels and providing sufficient financial services for private firms at different growth stages.

The report also pointed out that investment is expected to recover in 2018, although growth may remain much lower than previous levels. Around 75 percent of the respondents expressed their intention to increase investment in China, while a third of the respondents planned to expand their investment in China by more than 10 percent this year.

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The renminbi will, however, face pressure, even against a weaker US dollar, if the central bank eases the monetary policy further, economists said.

The regulators will continue to improve mechanisms for refinancing, mergers and acquisitions, and equity incentives to support listed companies, accelerating upgrade and development, while improving the delisting system and encouraging listed firms to improve corporate governance and information disclosure transparency.

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The regulation, which was voted on and passed by city legislators in January, requires every household and institution to sort their trash into four categories — recyclables, kitchen waste, hazardous waste and residual waste.

The regulator has urged banking institutions to step up efforts to dispose of NPLs and further expand channels for NPL disposal. It will launch a pilot program allowing banks to transfer nonperforming personal loans, including consumer loans, home mortgage loans and credit card overdrafts, in a batch to asset management companies.