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The relatively cheap labor is another reason that drew him to Cambodia. Jiang estimates labor costs to be only about one-fifth that of China.

The region vowed to build Xinjiang into a popular destination for tourists from home and abroad.

The report said Xiongan will primarily serve as a new home for Beijing's "non-capital" functions, while driving the development of neighboring Hebei Province. With this primary goal, the new area should avoid a surge in population and sidestep the "big city disease" that Beijing is suffering now, the report noted.

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The regulator also took measures to reduce the size of short and medium-term wealth management products issued by Anbang to make the insurer refocus on its core insurance business.

The renminbi's depreciation since the beginning of August has been driven and determined by market forces and reflects shifts in market dynamics and volatilities in global foreign exchange markets amid global economic developments and escalating trade frictions, according to the central bank.

The report suggested that China should reduce the tax burden on a more broad-based level.

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The report said that despite challenging conditions in 2019, 81 percent of the surveyed small businesses from China reported that they grew and 57 percent of the small businesses increased employee numbers.

The remaining services are related to internet applications. Tencent, JD.com and Alipay have taken the lead in connecting with the entry-exit identity authentication platform and accept users' registration with valid entry and exit certificates. Online ride-hailing, bike-sharing and online job-hunting platforms have been upgraded to accept such certificates. A service that will allow the opening of online securities trading accounts is still being upgraded.

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The report from the Sootoo Research Institute estimated that China's internet-based medical industry will reach 90 billion yuan in sales revenue by 2020. The industry is maturing, the industrial chain is gradually improving, and some players are marching from nascence through competition to sector-wide expansion.

The relentless growth of China's economy was coupled with the physical expansion of Chinese cities over the past 40 years.