The region also plans to invest over 227 billion yuan in projects including water diversion, power transmission, and cloud computing, according to the report.
The rating agency said in a statement that the downgrade reflects expectations that "China's financial strength will erode somewhat over the coming years, with economy-wide debt continues to rise as potential growth slows," adding that ongoing reforms may not curb further material rise in economy-wide debt.
The rapid development of technology leads to frequent personal turnover of mobile phones. About 50 percent of users in China change to a new phone every 18 months, according to Chinanews.
The provincial development and reform commission said building transportation networks, including highways, high-speed railways and airport construction, is the basis of coordinated regional development.
The province is known for its expansive grasslands, and is a popular tourist destination in the summer. But Tang noted that Chifeng and the whole of Inner Mongolia both "have rich winter tourism resources" too.
The rate is lower than previous estimates by international organizations including the International Monetary Fund (IMF), which forecasted in its World Economic Outlook in October that the global economy would grow by 3.7 percent in 2018.
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The prospects of Abe's departure had prompted broad concerns over his signature Abenomics, which includes monetary easing from the Bank of Japan, fiscal stimulus through government spending, and structural reforms to jolt the economy out of the stagnation that has gripped Japan for more than two decades.
The ranking was released Tuesday by the IMD World Competitiveness Center, a research group at IMD business school in Switzerland. Advanced technological infrastructure, the availability of skilled labor, favorable immigration laws and efficient ways to set up new businesses all contributed to Singapore rising from the third place last year to No 1, based on the ranking.
The re-lending and rediscounting fund will be used to support production resumption, focusing on agricultural, foreign trade and service industries, such as tourism, catering and transportation. The extended credit will help the companies repay debt, turn over capital and increase investment, according to the PBOC statement.
The recovery and acceleration of FTA negotiations indicates that Norway and China are upholding free trade values, Solberg said in an interview in Brussels.