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The State Council gave Hainan permission to run a pilot offshore duty-free program in April 2011 in an effort to make the island a world-class tourist destination.

The South American country has opened its doors to foreign investment from China and other parts of the globe within the framework of national regulations.

The Shanghai Stock Exchange soon sent an inquiry letter to Bayi, asking it questions about the reasons for and sustainability of the rapid profit growth, the feasibility of the share doubling plan and the risks associated with its current share price and price earning ratio.

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The Standard Chartered Plc. logo is displayed outside a bank in Hong Kong, China, on Sunday, July 31, 2011. [Photo/VCG]

The Trump administration is using the so-called Section 232 of the Trade Expansion Act from 1962, a decades-old law, to slap tariffs on imported steel and aluminum products on the ground of national security, which has drawn strong opposition from the domestic business community and US trading partners.

The Trump administration already slashed tariffs on imports of steel and aluminium from the EU which retaliated by collecting duties on American goods ranging from Harley-Davidson motorbikes to jeans.

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The Suzhou Chinese Orchestra performed in the Lincoln Performance Hall at Portland State University, July 27. [Photo provided to China Daily]

The South Pacific nation offers a wealth of adrenaline-fueled pursuits, from heli-skiing on snow-capped mountains to ballooning and black-water rafting through caves.

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The South American country's economy could shrink by as much as 10.5 percent this year due to the pandemic, according to the Economic Commission for Latin America and the Caribbean (ECLAC).

The State Council said in August that the country would limit overseas purchases of real estate, hotels and sports clubs, and encourage deals in infrastructure and new technology.