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The regulator granted a transitional period of 12 months starting on Friday. During this period, commercial banks are still allowed to issue existing structured deposits but should strictly control the size of existing products and reduce them in an orderly way. This is to ensure that the market impact will not be huge, he said.

The report also alleged that Trump "engaged in categorical and unprecedented obstruction in order to cover up his misconduct''.

The report published Thursday by the accounting firm PwC, also known as PricewaterhouseCoopers, said 482 real estate merger and acquisition deals were recorded in China last year, up 6.4 percent year-on-year, and major real estate developers continued to grow rapidly in 2017 as industrial concentration intensified.

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The registration-based reform will be deemed the bellwether of the broader capital market revamp, and is bound to bring about major institutional improvements in the sector, said Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), at the just-concluded Annual Conference of Financial Street Forum 2020.

The registration-based IPO mechanism, which was first experimented with at the STAR Market, also applies to companies' mergers and acquisitions. Therefore, HYC only had to obtain approval from the Shanghai Stock Exchange and register with the China Securities Regulatory Commission for its latest acquisition.

The report said 99 percent of the young consumers can repay borrowed money on time, partly also because the troves of consumer data through online transactions could help vendors screen out those with a bad credit history.

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The report quoted state's Disaster Management Minister Dinesh Chandra Yadav as confirming 27 deaths in the bus mishap.

The regulator also approved the global property and casualty insurer Chubb to increase its stake in Huatai Insurance Group from 20 percent to 26 percent. It also approved the Hong Kong-headquartered life insurer AIA to begin preparations for the establishment of sales and service centers in Tianjin and Shijiazhuang, North China's Hebei province. This is in accordance with the pilot program on promoting insurance integration under a plan for the coordinated development of the Beijing-Tianjin-Hebei region.

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The relationship between governments and local financing platforms should be properly handled, and the latter should transform into market-based state-owned enterprises that can stay clear of government intervention.

The related courses in primary and secondary schools and universities will provide a steady stream of fresh blood for the AI industry.