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The opening of the new market comes around eight months after President Xi Jinping announced in November that China would launch the new board and pilot the registration-based initial public offerings system.

The partnership also resulted in a brick and mortar store in Shanghai that sold the merchandise from Macy's in the name of VIPStore, instead of Macy's department store, according to a report from Shanghai-based China Business News Daily.

The order was put into effect at 2 pm on Wednesday.

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The patronage of new groups of consumers is contributing to fresh vibrancy in the market. For the first time, Alibaba held a concurrent kickoff event in Harbin, Heilongjiang province, to tap into the wealth of shoppers from less influential but fast-developing cities and townships.

The payment service, facilitated by local third party payment platform MOL Accessportal, mainly targets tourists from the Chinese mainland, the number of which exceeded 2.1 million in 2016.

The opening ceremony of the Chinese Bridge 2020. [Photo/People's Daily Online]

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The organizer of an event to honor a Chinese diplomat who saved thousands of European Jews from the Holocaust hopes the "Oskar Schindler of China" could serve as a role model for today's generations.

The overall impact on China's total exports or GDP growth will be "very small," and the Chinese currency, the renminbi or the yuan, will not be used as a tool to respond to US trade measures, the report added.

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The pace beat market expectations and picked up for two consecutive months, expanding from 0.4 percent in March and 0.1 percent in February.

The operator of Asia's third-largest stock exchange by market capitalization spent years of effort to eventually overturn a ban on companies that have shares with different voting rights from going public in Hong Kong, an issue that caused the city to lose out on the historic Alibaba deal.