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As billion is not a huge amount, it is more like a signal that the government expects to channel more capital inflows to support a strong Chinese currency and to maintain a stable foreign exchange reserve, according to Wu.

As China's online spending rises, great hopes have been pinned on the sector amid the country's overall slowing economic growth, which dropped to 6 percent in the third quarter from 6.4 in the first quarter in terms of year-on-year GDP growth.

Are there any specific areas that this JLabs will study?

Appreciation of major currencies in April helped add about .4 billion in dollar-denominated forex reserves, according to report by China International Capital Corp on Sunday.

Archaeologists believe the culture of the site originated from the Pearl River Delta in southern China.