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As a result, incumbent banks like DBS have embarked on digital transformation inspired by platform players like Alibaba and Tencent, according to a McKinsey report on the importance of ecosystems. Over the past five years, DBS has invested S billion (1 million) annually in its transformation, resulting in a substantial increase in digital customers from 33 percent in 2015 to 48 percent in 2018.

As an example of achievements made in this regard, in 2016 more than 700 People's Daily stories were translated into over 20 languages and published by mainstream media outlets of international influence.

As a teacher with overseas study and working experience, he said such guidelines are common in universities in the United States.

As a measure to support enterprises hit by the epidemic, financial watchdogs, including the country's central bank and the banking regulator, said on Saturday they would tolerate a higher ratio of nonperforming loans in commercial banks.

As a result, young people do not want to learn or inherit intangible cultural heritage, Xiang said.