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The man, surnamed Ma, did not say in court whether he would appeal.

The manufacturing and processing business in Shenzhen generates sales of 150 billion yuan (.9 billion) every year, according to Guo, while the retail and wholesale market accounts for 45 billion yuan.

The logistics chief noted that the direct train service has drawn much interest from a range of clients, especially car manufactures, pharmaceutical companies and toy manufacturers.

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The longer-range variant of the Model 3 sedans made in China is priced after subsidies at 339,050 yuan (,971) to attract more consumers in the world's largest electric vehicle market.

The leader of a Chinese fentanyl trafficking gang targeting international clients, including those from the US and Canada, was sentenced to death with a two-year reprieve by a court in Hebei on Thursday.

The management of foreign exchange reserves should not only focus on keeping and increasing its value, as an investment asset, but also taking advantage of its role in economic and financial stabilization, said Lu.

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The market is always smarter than us, said Ma, when asked what he projects would be the future best-selling American products in China. "American SMEs need to study the Chinese market, just like what we Chinese companies have been doing with the US market," he said.

The level of digitalization in various industries in China has risen on the back of digital transformation efforts of the nation in "new areas", high-tech zones and economic development zones, experts said.

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The long-awaited Shanghai-London trading program between the Shanghai and London stock exchanges is taking a solid step forward with the first Chinese company obtaining approval from the UK authorities to issue global depository receipts at the London bourse.

The major downturn comes after Tianjin's Binhai New Area said it had revised down economic output by around one-third in 2016, because the region has submitted fake figures.