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Another major, long-term unintended consequence, Sicina said, is that “foreign investment in the US will also be disrupted because of the tariffs”.

Apart from the mixed-ownership reform, restructuring plans were also implemented to set up industry giants while reducing the total number of SOEs.

Ant Financial's Alipay held 55 percent of China's mobile payments market in 2016, down from 68 percent just a year earlier, according to iResearch Consulting Group. Meanwhile, Tencent's climbed from 21 percent to 37 percent from 2015 to 2016.

Another way is to reduce the rates of medium-term lending facility to guide down the benchmark lending rate (loan prime rate or LPR). These tools aim to support flow of credit, at lower financing costs, to spur economic growth.

Another two rounds of rain will hit south China from Sunday, as areas along the Yangtze and Han rivers, regions between the Yangtze and Huaihe rivers, and regions south of the Yangtze River can expect moderate rainfalls, the National Meteorological Center (NMC) said.