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Ant Financial Services Group, Alibaba's financial arm, acquired a controlling 51 percent stake in Cathay Century Insurance Co Ltd in 2016.

Apart from the contributions of Jayaram, senior partner in McKinsey's Nairobi office, the report is also the work of Omid Kassiri, another Nairobi partner, and Irene Yuan Sun, engagement manager in the company's Washington office. Sun is also the author of the book The Next Factory of the World: How Chinese Investment Is Reshaping Africa.

Apart from disposing of noncom-pliant equities in an orderly manner, financial regulators and institutions should also strictly regulate related party transactions and curb controlling shareholders' behavior to prevent them from improperly intervening in financial institutions' business operations and violating the interests of small and medium shareholders, Guo said.

Apart from the convention center, China also funded a six-lane highway in Port Moresby linking the convention center and the nearby National Parliament, among other projects.

Anti-dumping and anti-subsidy duties on white-feathered broiler chickens from the United States have been removed from Tuesday, said the Ministry of Commerce.