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"Considering China's large economy and vast hinterland, Hainan needs to develop key industries, build an innovation-driven economy and pay more attention to ecological civilization construction, which will fuel high-quality growth of the entire nation and inject new impetus to global trade and economy."

"Considering that the regulator has significantly shortened the process of granting preparatory approvals to Bank of China Ltd and China Construction Bank Corp, and that many banks - especially large ones - have almost completed the preparatory work in terms of organizational frameworks, operating systems and staffing, the first batch of wealth management subsidiaries are expected to be formally established around the middle of this year," said Yang Yu, an analyst at the Shanghai-headquartered Hwabao Securities Co Ltd, in a research note.

"Commercial banks' general asset management business contracted last year, largely due to the newly released asset management regulations. But China's private banking sector grew unexpectedly, leading wealthy Chinese to invest in the country's key sectors to optimize social resources and accelerate the transformation of China's banking industry," said Bai Ruiming, deputy secretary-general of the association.

"Collagen in the bones is like what reinforced concrete is to buildings. Without enough concrete, buildings can easily collapse," explains OI expert Wang Yanzhou, director of the pediatric orthopedics department of Shandong Provincial Hospital.

"Chinese consumers have shown growing awareness of their health conditions since the outbreak of COVID-19 earlier this year, and they have indicated a higher recognition of TCM. Besides, the government is increasing its support of the TCM segment ahead of the country's Healthy China 2030 initiative," he said.