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The central bank has refrained from open market operations since last Thursday after the central bank reduced the reserve requirement ratio for some commercial banks by 50 basis points, releasing a total of 700 billion yuan into the banking system.

The city has accelerated the setup of R&D innovation organizations. Local government and Shenzhen-based Huawei teamed up on Monday to jointly establish a national industrial innovation center, while Guangdong province last week announced it was establishing a new provincial-level laboratory for artificial intelligence and the digital economy in Shenzhen.

The central bank added a new factor to the currency's pricing model in May, providing more room for the government to maintain stability, some experts say.

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The central bank will take measures to keep prices stable and China will never have large-scale inflation, Fan said.

The city is also home to some world-renowned writers, including Cao Xueqin, author of the classic novel Dream of the Red Chamber.

The city's GDP has grown by a factor of 10,000 from 270 million yuan (.51 million) in 1980 to 2.69 trillion yuan last year.

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The challenge of pursuing new ideas: “The big ideas in business are often very obvious. … It’s very hard to maintain a firm grasp of the obvious at all times.”

The ceremony, wrapped in the spirit of sportsmanship and friendship, offered many pleasant surprises to Wang Libo, an elementary school student from Linxia City.

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The city exported 0 million worth of crayfish to more than 30 countries last year, ranking first among Chinese cities. Related industries created 150,000 jobs and helped lift 20,000 people out of poverty.

The central government has an unquestionable role to maintain national security, including that in the Hong Kong Special Administrative Region, director of the State Council's Hong Kong and Macao Affairs Office Zhang Xiaoming stressed on Friday.