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Apart from the tax and fee cut policies the authorities have rolled out, Tang expected increased government expenditure and infrastructure investment, especially in sectors of public health and new technologies such as 5G.

Another 16 were accused of illegally absorbing public deposits, the court said.

Ant, the finance affiliate of Alibaba Group Holding Ltd, increased its offer to per share in cash from .25, and the transaction is valued at around .2 billion, according to a joint statement by Ant and MoneyGram.

Another reason could be that there aren't many people who require such a visa, said Christina Wang, a professional who specializes in the Chinese visa service in Shanghai.

Announcing the decision, the highest justice authority said in a statement that courts around the country need to strictly distinguish between economic disputes and economic crimes, as well as to clarify the boundary between financing and illegal fundraising.