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Another report published last month by the Institute of Population and Labor Economics at the Chinese Academy of Social Sciences (CASS) states that those born between 1990 and 1995 prefer free and open corporate cultures, while many born after 1995 are pursuing such lines of work as hosts of live web-streams or are becoming online influencers.

Another 67,689 people were prosecuted last year for their alleged involvement in other types of criminal gangs, one-third more than the previous year.

Apart from short-term fiscal and monetary policy reactions, China needs to carry out structural reforms to boost productivity growth by further reducing distortions such as those in the allocation of land and capital. Promoting competition and opening-up to encourage greater diffusion of technologies, and stimulating discovery through investment in R&D, including basic research, is also necessary, he said.

Another decision made at the meeting said the procedures that a new firm needs to go through to become initially operational will be further streamlined. The whole business registration process will be conducted online. Government approval of the names of businesses before registration will no longer be needed unless specifically required.

Annual credit growth in those areas should be higher than the provincial average by 2020, according to the PBOC statement.