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An appropriate default rate, other than an implicit guarantee, will help to develop a more healthy bond market as the investment instruments' prices will better reflect the different levels of credit risk. Thus, investors will know about the market's real situation, said Pan.

An annual event since 1990, the two-week festival is a large-scale tourism event. This year it will feature 100 interactive events, from the opening parade on Huaihai Zhonglu and a cruise ship parade on Huangpu River, to promotional packages that allow visitors to experience in-depth tours of the city, such as visits to the city's time-honored buildings. Food and shopping promotions will also take place in the city's commercial centers. Discounts from hotels and cultural events hosted by museums and galleries are also expected.

An investigation into the collapse is underway. Local authorities said at a news conference that more than 1,000 rescuers participated in the effort to save people.

An attendant introduces the control system of a China-made high-speed train to a visitor at an exhibition in Kuala Lumpur, Malaysia. [Photo/Xinhua]

An international experts panel consisting of coaches, physical trainers, nutritionists and psychologists with expertise in the four sports, which are currently underdeveloped in China, will assess and guide the registrants.