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The change came as Moody's expects the country's general debt to rise further, despite ongoing reforms are likely to transform the economy and financial system over time, Taylor said.

The central government is stepping up the fight against pollution and environmental degradation as decades of fast growth have left the country saddled with smog and contaminated soil.

The central bank will use various policy tools in the ensuing months to maintain reasonable growth of broad money supply and aggregate financing, said Sun.

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The central bank has announced financial policies designed to support private companies this week, covering areas such as bank loans, corporate bonds and equity financing.

The city will build up to 20 hydrogen fueling stations from 2018 to 2020 to support the running of about 3,000 hydrogen fuel cell-powered vehicles.

The ceremony to launch the Year of Coasts and Waters 2020, presented by VisitScotland, was joined by Scotland's Minister for Trade, Investment and Innovation Ivan McKee, who is visiting China for a series of high-level meetings to promote trade, investment, educational and cultural links between the two sides.

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The center will have archaeologists, designers and craftspersons working together to make targeted plans for the restoration of the Jiankou section of the Great Wall, which is located in the northern Huairou District of Beijing, according to Beijing Daily.

The central bank will strengthen monitoring and early warnings of default risks, improve the bond default disposal mechanism, and enrich market-oriented default disposal methods, it said.

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The central bank has issued 10 billion yuan in three-month bills at an interest rate of 3 percent and 10 billion yuan in one-year bills at an interest rate of 3.1 percent.

The central government has planned a fiscal budget deficit of about 3.76 trillion yuan this year. China's deficit-to-GDP ratio is projected at more than 3.6 percent, while the IMF estimated the global average fiscal deficits will more than double to 9.9 percent of GDP this year from 3.7 percent in 2019.