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Apart from the hefty funds, the government has also mobilized efforts from 76,400 private businesses in poverty alleviation, which has benefited more than 10 million people, Ou said.

Apart from requiring banking institutions to comprehensively enhance the quality of data, the regulator also said, "Banks should integrate data application into the entire process of their business operation, risk management and internal control to effectively capture risks, optimize business procedures, and improve the effectiveness of internal control.”

Anti-graft officials also will increase oversight of government officials and those in leading positions of State-owned companies and financial institutions to prevent them fleeing overseas should they be involved in wrongdoing.

Ap - Reuters - Xinhua

Antoinette Schoar, an economist who teaches at the MIT Sloan School of Management, said the Fed should remain "above the fray." "Fed policy should not have anything to do with politics," said Schoar, who is also attending the Jackson Hole conference.