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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 a pioneering example of Alibaba's "new retail" strategy, which integrates online with offline shopping and provides a refreshing shopping experience, Hema will offer 24/7 services after the coming Spring Festival starting on Feb 16.

As greater credit support is trickling down the financial market, China's new yuan-denominated loans totaled 4.24 trillion yuan during the first two months of the year, up 130.8 billion yuan year-on-year, while corporate bonds and non-financial stocks have also seen upticks in the sum raised during the same period.

As a result, in the absence of qualified instructors these kindergartens often hire unqualified staff members; the ministry's statistics show that 22.4 percent of preschool teachers in China have only been educated to high school standard at most.

As Republicans control the Senate, Norton's bill has little chance of being considered there.