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Apart from revitalizing time-honored brands, there are also plans to build two world-class streets for shopping as well as create another 50 new local brands with strong Shanghai features.

Another 100 companies have expressed intentions to settle in Hainan. They include State-owned enterprises such as China Travel Service Group, China COSCO Shipping Corp, China Poly Group Corp and Sinochem Group; overseas giants such as Temasek, KPMG, Deloitte Touche Tohmatsu and DTZ Holdings; and private groups including Tencent Group, JD Group, Suning Group and Pacific Ocean Construction. Agreements will be signed with them in the near future, said the bureau.

Ant Financial Services Group has applied for a digital banking license in Singapore, as more Chinese technology powerhouses hasten their pace in expanding their digital offerings beyond the Chinese mainland.

Apart from disposing of noncom-pliant equities in an orderly manner, financial regulators and institutions should also strictly regulate related party transactions and curb controlling shareholders' behavior to prevent them from improperly intervening in financial institutions' business operations and violating the interests of small and medium shareholders, Guo said.

Apart from the discussions, the forum also presented several scholars with the Award for Outstanding Contributions to China Studies in recognition of their accomplishments in the academic discipline. Recipients included Nicholas Platt, president emeritus of the Asia Society in the United States; Hamashita Takeshi, research department head of Japan's largest Asian studies library Toyo Bunko; Kristofer Schipper, a member of the Royal Netherlands Academy of Arts and Sciences and Tu Weiming, professor of humanities at Peking University.