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"Commercial banks' general asset management business contracted last year, largely due to the newly released asset management regulations. But China's private banking sector grew unexpectedly, leading wealthy Chinese to invest in the country's key sectors to optimize social resources and accelerate the transformation of China's banking industry," said Bai Ruiming, deputy secretary-general of the association.

"Chinese customers have very deep trust in key opinion leaders (or KOLs) and this psychological bond can be partially explained by the pseudo-intimacy created by social media," she said. "Social media make you feel like influencers are friends as you know who they are in real life, thanks to the details of their daily lives shared through Weibo, WeChat and live streaming apps."

"Cross-border financing is relatively tougher for private enterprises as they know insufficiently about the market and legal environments as well as social and economic backgrounds of the host countries," Pan said.

"China's National Day holiday, also dubbed 'Golden Week' for the tourism and consumption boom, will also see millions of Chinese hit the road for travel," he said, adding that the combined holidays will no doubt create a bigger challenge for the transport system.

"Cooperation with Japan will also be strengthened for the sake of peace on the Korean Peninsula," Moon said in the speech at a government ceremony, adding that "We cannot change the past but can transform the future. ... When the pain of victims is substantively healed through concerted efforts, the ROK and Japan will become genuine friends."