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The quality also forges ahead. In a bid to conserve energy and natural resources, clean energy registered a 0.7-percent up in overall energy consumption than that in the same period last year, helping improving the country's environment.

The quake, which struck at 6:10 pm (0910 GMT), was centred in Kumamoto prefecture on the southern island of Kyushu, at a depth of 10 km (6 miles), JMA said.

The reforms should focus on rebalancing urban-rural development, supporting small, medium and self-owned businesses, and most importantly, creating jobs."If we can effectively deal with the challenges and prevent potential risks among uncertainties, we will find new opportunities to spur economic growth," Liu added.

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The rate reduction followed a major policy meeting last week, which called for more aggressive countercyclical adjustments, including monetary and fiscal steps, to deal with the COVID-19 fallout.

The reference was to the Shenzhen-listed brokerage that was involved in leveraged bond financing deals totaling 16.5 billion yuan (.39 billion) last year.

The reform aims to better protect the interests of the nation and the public, especially in protection of the environment and resources, and food safety among others.

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The quarterly survey, covering more than 100 domestic economists, showed that confidence in the development of foreign trade has picked up, as 45 percent of those surveyed estimated that exports in the fourth quarter of 2017 will rise from one year earlier.

The punctuality rate of Chinese airlines reached 94.8 percent in May, Xiong added.

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The rate of failed products by food safety regulators' random checks decreased from 5.3 percent in 2014 to 2.4 percent in 2018, thanks to coordinated efforts from all stakeholders, according to Wang Tiehan, food safety director with the State Administration for Market Regulation.

The reduction in tax, support for financing and protection of intellectual property are also crucial in encouraging innovation and entrepreneurship in the private sector, said Liu.