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As such, the institute's professors, most of whom have rich experience in financial systems in the West, are well-positioned to share their past experiences and pass on their knowledge to the new batch of financial talent in China, according to Chang Chun, executive dean of SAIF at Shanghai Jiao Tong University.

As well as attracting tech firms, the STAR Market is performing a role spearheading registration-based reforms such as those relating to market-oriented share pricing, market data show.

As the number of foreigners working and living in China has been increasing, new demands are placed on immigration services, according to a document explaining the necessity of the new administration.

As stated in the response, representatives of the company hope to tap into the Chinese market, stating they were hopeful the People's Bank of China was able to approve the application.

As total social financing continues to grow, China's manufacturing PMI will likely stay in expansionary territory, investment bank CICC said in a research note.