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Ant Financial's effort represents a genuine breakthrough in business know-how and putting the ideal of inclusive finance into practice, said Xu Yuan, a professor at the National School of Development at Peking University.

Apart from raising the reverse repo rates in March, the central bank has also stepped up financial deleveraging efforts.

Apart from France' policy to upgrade city alert levels, Italy has made it mandatory to wear face masks in outdoor spaces, and the Spanish government has ordered a 15-day state of emergency to bring down infection rates in its capital Madrid.

Any officer who declines or fails to take the oath will be removed from office or disqualified.

Another key part of the group's reform is to optimize its resources and restructure its departments to ensure greater efficiency. It has already closed 56 departments and lowered the headcount at its headquarters by 32 percent since the SOE reform started.