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Streamlined procedures will be available to companies, with license application and government approval not required for industries that are not prohibited by law or mandatory standards.

Stratolaunch has said that it intends to launch its first rockets from the Roc in 2020 at the earliest. Allen died in October 2018 while suffering from non-Hodgkins' lymphoma, just months after the plane's development was unveiled.

Subtitles: Jin Xinzhu

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Strong government spending will be crucial to support their recoveries, the report said.

Strong manufacturing capability and complete industrial chains mean that trade in goods was the mainstay of China's international impact for long.

Strategy&, a consulting firm under PwC, said in a report in October that by 2030, mobility services will likely account for 30 percent of the global automotive industry's profits, compared with 26 percent of profits from new car sales.

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Such rapid development would largely fuel demands for an array of industries in the country, including telecommunications and utilities, as well as spur investment in areas like public cloud, 5G infrastructure and IoT devices.

Such measures will leave no space for local governments to raise money through illegal channels or to misuse funds to repay debts, according to Zhang Yiping, an analyst with China Merchant Securities.

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Stocks pulled back, however, in the session's final minutes after US Senator Bernie Sanders, a Democratic presidential candidate, said he would "put a hold on this bill until stronger conditions are imposed on the 0 billion corporate welfare fund", according to cnbc.com.

Still, Bao Mingxiao, a researcher at the China Institute of Sport Science, insisted that companies need to "better understand" new customers flocking to sports and fitness.