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"Deepening SOE reform is also critical in cutting industrial overcapacity. Such reforms are helpful in improving SOE governance in accordance with market rules, letting market forces play a fundamental role in allocating resources," he said.

"Developing green finance is an essential element of China's supply-side structural reform in the financial sector. By offering financial products that conform to the philosophy of innovative, coordinated, green, open and shared development, we will better adapt to the changing economic and social demands and promote high-quality development," said Yang Lijie, deputy director of the administrative committee of Liangjiang New Area in Chongqing, a major city in Southwest China.

"During imperial years, when the royal family needed more space for palaces or resorts, they tended to choose a new area in northwestern Beijing, as in the case of the Summer Palace."

"Cutting the subsidies may not necessarily be a bad thing. It can help weed out the incompetent companies and allow the competitive to stand out," Ma said.

"FMDB is a cash-related service and this adds to our ability to serve clients and demonstrates our commitment to global clients to provide them a complete market access solution for China. We are honored to be making a further contribution to support the continued opening-up of Chinese financial markets," Lam said.