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The PBOC announced Sunday that it would cut the reserve requirement ratio (RRR) for some commercial banks by 50 basis points, expecting to release a total of 700 billion yuan into the banking system.

The NDRC said in a statement that the new move is part of the country's larger drive to fight the COVID-19 outbreak and inject new impetus to economic growth. It also said it is necessary to cultivate new types of consumption and foster consumption upgrading.

The National Palace said in a statement that the King held a meeting with the country's other hereditary rulers after Prime Minister Muhyiddin Yassin sought his consent to declare a national emergency according to the constitution that would grant the government emergency powers to tackle the threat posed by COVID-19.

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The PBOC also highlighted the need to control financial risks and said risk prevention mechanisms will be maintained over the longer term after the current three-year battle to contain financial risks ends.

The NHS confirmed on Saturday that eight people who tested positive for the virus had left hospital following two negative tests. Five of those discharged belonged to a ski group that had contact with a person who had COVID 19 disease while on a trip to France.

The Ministry of Human Resources and Social Security on Friday approved a series of interim measures for social insurance system coverage of Hong Kong, Macao and Taiwan residents on the mainland. These measures will take effect on Jan 1.

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The PMI, a key barometer of the health of the nation's manufacturing sector, increased to 52.1 percent in November, the highest level this year. The country's foreign trade also expanded 7.8 percent year-on-year in November, with exports jumping 14.9 percent year-on-year and imports down by 0.8 percent, according to Customs data.

The NAES report suggested balancing deleveraging efforts with pro-growth measures with a proactive fiscal policy and structural cuts in banks' reserve requirement ratios.

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The National Bureau of Statistics said China has 249 million people aged 60 or older, and the number is projected to reach 487 million by around 2053－when one in every three Chinese will be aged 60 or older.

The Ministry of Finance said on Monday it will continue to implement reform measures to improve the business environment, which is a key element in stabilizing economic growth and industrial production and supporting the corporate sector.