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The report also stated that there were 141 Chinese students in the first batch of NYU Shanghai students. Within this group, 72 students opted to further their studies.

The report also noted that with further tightening of regulations, Chinese commercial banks are witnessing rising pressure from compliance risks this year.

The regulations target monopolistic practices in signing agreements, abusing dominant roles in the market and misusing administrative powers to limit competition. They add specifics to law enforcement procedures and reinforce supervision in handling monopoly cases, said Wu Zhenguo, anti-monopoly chief at the State Administration for Market Regulation.

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The report said more ports in the country are jumping on the bandwagon thanks to 5G technology.

The report also says in the past five years, 31,527 criminals were granted amnesty, which highlights the increased protection for human rights.

The report by a panel of education experts and community leaders appointed by Mayor Bill de Blasio and the city's school chancellor acknowledged that its recommendations could lead to some departures of whites and Asians from the system.

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The report projected that China's photovoltaic modules capacity will further expand 8.5 percent to 83 GW this year, with nearly 50 GW exported to the overseas market.

The regulation requires information reporting from direct foreign investment in the Chinese mainland to set up companies and partnerships in banking, securities, insurance and other financial sectors.

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The report expects a further moderate decline in M&A in the second half of the year. China outbound will continue to slow, but the other sectors (domestic strategic buyers, foreign strategic buyers, PE deals) may remain steady, it said.

The report did not explain the reason for the replacement.