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As of September, outstanding bad loans from commercial banks amounted to 1.67 trillion yuan (1.8 billion), increasing 34.6 billion yuan from the previous quarter.

As of May, 12,000 institutions had seen their programs changed, the ministry said. By the end of June, inspections and checks had been made on 201,193 tutoring institutions across the country, including those in provinces with large student numbers such as Shandong and Guangdong.

As of 2 p.m., Florence was centered about 50 miles (85 kilometers) west of Myrtle Beach, South Carolina, inching west at 3 mph (6 kph) — about as fast as a person walks. Its winds were down to 45 mph (75 kph). With half of the storm still out over the Atlantic, Florence continued to collect warm ocean water and dump it on land.

As of Monday, at least two companies－mobile phone maker Transsion Holdings and integrated circuit manufacturer Yantai Raytron Technology Co－have completed training to prepare an IPO on the new board, according to local securities authorities' websites.

As multiple approaches are being tested for the launch of the first digital currency of the People's Bank of China in the country, Cheung said the digital currency can become a tool that could allow policymakers to monitor and steer market activities and the economy.