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The narrowing decline indicated easing pressure from capital flight as the Chinese economy firms up and the yuan stabilizes against the US dollar.

The nation's import and export volume by the middle of November exceeded last year's total by 15 percent according to China Customs, and experts said the government's continuous efforts to deepen reform and facilitate trade have paid off.

The most immediate cause of the 2008 financial crisis was the bursting of the US housing bubble inflated by banks’ reckless lending, sometimes without even requiring a down payment, in an overheated housing market.

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The move came as China vowed to pursue higher-level opening-up to provide a strong impetus for establishing a new development pattern, which was stressed at the 15th meeting of the Central Committee for Deepening Overall Reform on Sept 1.

The model will enable local governments in China to enhance their competence in program administration and improve the reform and transformation of their operational modes, said Sabino. He went on to describe it as an important innovation to the development model of traditional Chinese economies.

The move aimed at preventing the base from overcrowding, which has been commonplace during previous holidays.

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The name Fab stands for flour and beans, the ingredients for pastries and coffee.

The model delivers the capability demanded in the segment, with a 3.5-liter twinturbo V6 engine with more than 400 horsepower and Lincoln Drive Control that offers drivers better handling.

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The move is also part of China's broader push to lead in 5G, a technology that is estimated to drive 6.3 trillion yuan of economic output in the country by 2030, according to a report by the China Academy of Information and Communication Technology.

The ministry's remarks came after the US Department of Commerce placed 58 Chinese companies and 45 Russian companies on a list of firms with alleged military ties. Due to this stipulation, US exporters, re-exporters and transferors will have to obtain a license to export, reexport or transfer designated items to these companies.