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Liang Si, a researcher at the Bank of China's Institute of International Finance, said macroeconomic polices should work together to enhance financial institutions' willingness to grant private enterprises credit.

Li, 51, a native of Inner Mongolia, served in various posts in the public security departments for 31 years. He was named director of the Public Security Bureau in Hohhot in 2015 and then was promoted to be the deputy director of the Public Security Department of Inner Mongolia autonomous region in 2016.

Li highly appreciated Samaras' efforts in his term as prime minister to promote cooperation between Greece and China, and to support the Piraeus Port project which has become an important element of the Belt and Road Initiative.

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Li said the high-altitude gravity survey, conducted on the summit, set a new world record as the highest ever recorded. According to the Ministry of Natural Resources, the previous record for a high-altitude gravity survey was made by Chinese surveyors Ren Xiubo and Bai Huagang in 2005 at an altitude of 7,790 meters. The altitude for the new record has not yet been released.

Lian forecast that the CPI in 2018 might stand at 2 percent on average, higher than the 1.6 percent registered in 2017, but well below the government target of 3 percent.

Liang's remarks were echoed by all other speakers during the event including Zhang Qiyue, Chinese consul general in New York and Margaret Chin, member of New York City Council, and Felix W. Ortiz, assistant speaker of the New York State Assembly.

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Li said China would avoid competitive devaluation of the renminbi, and keep the currency's exchange rate "at a reasonable equilibrium level." The monetary policy will remain prudent, without aggressive easing.

Li's views are echoed by Zhu Wuxiang, a professor at the School of Economics and Management of Tsinghua University, who said only healthy business model innovation can promote the development of an industry.

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Li said traditional, standardized production no longer adapts to customized demands. Big companies should promote entrepreneurship and innovation to remain competitive, he added.

Lin Shu'ao in Dalian contributed to this story.