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The move came as China Mobile Communications Corp and Huawei Technologies Co Ltd showcased the world's smallest 5G testing terminal on Friday, indicating that the country will pioneer the world in 5G research and development.

The money to be released from the financial institutions will support economic growth, especially for lending to small and micro enterprises, when external uncertainties remain amid trade disputes with the United States, economists said, after a meeting held by the State Council on Wednesday.

The move comes as China targets the commercial deployment of 5G in the first half of 2020, with pre-commercial launches in the second half of this year.

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The move, according to ADGM, was to support China's Belt and Road Initiative, a grand project with the goals of building trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes.

The multibillion-dollar project in the eastern Tongzhou district of Beijing is Universal's largest in the world, and will come amid hopes that the raging COVID-19 pandemic will have waned by the time of the resort's opening, and will deepen the nascent recovery in the tourism industry. Such prospects are in line with the country's recent emphasis on boosting domestic demand, thereby increasing and upgrading consumption.

The money was raised by insurance funds through bond and stock investments and non-open market investments. Asset management companies of insurers directly provided financing support for major projects, including new infrastructure construction, new-type urbanization construction, and transport and water projects, via debt and equity investment plans. This kind of investment products have registered funds totaling 3.8 trillion yuan, said Yuan Xucheng, director of the CBIRC's department of supervision of insurance funds utilization.

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The money was given to people who had difficulty paying their legal costs in the hope of solving disputes and upholding justice, according to Zhu Erjun, deputy director of the top court's Compensation Office.

The move came after the PBOC conducted 30 billion yuan of seven-day reverse repos at an interest rate of 2.55 percent and 20 billion yuan of 14-day reverse repos at 2.7 percent on Friday.

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The most popular destination among southern EU nations is Croatia, with Chinese arrivals up 46.2 percent in the period from May to August, while bookings made between September and December are up 66.4 percent.

The missing boys and coach entered the Tham Luang Nang Non cave in Chiang Rai province on Saturday afternoon. The cave complex extends several kilometers with narrow passageways and uneven ground and is known to flood severely in rainy season.