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Given the slower income growth and the large gap of infrastructure financing, the government will rely more on funding through bonds. The special bond, which was introduced in August 2015, is a favorable instrument which can further leverage capital from other lenders, especially from the private sector, said experts.

Georgieva laid out three action areas for the global economy, namely, fiscal stimulus, monetary policy and the regulatory response. All the work is most effective when done cooperatively, she said.

Germany, Belgium and Kuwait proposed a humanitarian cease-fire, which got 12 out of 15 votes. Permanent Security Council members China and Russia vetoed the draft, blocking its adoption.

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Global companies, including those from the United States, will keep tapping the lucrative market in China by teaming up with key industry players in the world's second-largest economy.

Global CEO Mark Schneider has said that pet food in 2018 contributed about 14 percent, the division growing by 4.5 percent.

Global index compiler MSCI included 226 Chinese large-cap A shares on its MSCI Emerging Markets Index on June 1. The stocks have a weighting of 2.5 percent in the index during the first stage. As part of the second step, scheduled to take place in September, the weighting will be raised to 5 percent.

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Geng urged Washington to understand the situation clearly and to immediately stop advancing the act and interfering in China's internal affairs.

Gary Hufbauer, a nonresident senior fellow at the Washington-based Peterson Institute for International Economics, said the tariffs were "a sad day for trade policy".

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Given these common goals, China and the EU can develop a partnership to safeguard and reform the international political and economic order. Sino-EU relations are of great significance not only to both sides, but also to global development in the context of the uncertainties triggered by the US.

Georgia Secretary of State Brad Raffensperger announced a hand recount of all ballots cast in the state's 159 counties. He said it was expected to begin this week and would be finished in time to certify the results by a Nov 20 deadline.