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The surprising economic downside risk was fueled mainly by the rapidly shrinking supply of credit through the shadow banking business, Lu said. "The Chinese leadership has been tasked with the mission of delivering stable growth while defusing the debt problem." This dilemma has pushed policymakers to opt to soften the stance on deleveraging, he said.

The study, published online Thursday on the US journal Science, was conducted by researchers from the Chinese Academy of Sciences (CAS).

The tax cut policy has eased business pressure, especially for small and private companies, said another official from the ministry's tax policy department on Thursday. "The recent data showed that the major beneficiary group of the tax cut is producers from the manufacturing sector."

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The system works by playing white noise, detecting how the sound reflects off of the bodies of infants, and turning that information into a breathing rate.

The supercomputer will see widespread applications on the convergence front in cloud computing and big data, computing and stimulation on highly efficient weather forecasts, massive measurements in wind tunnels, earthquake monitoring and geology research, medical care, information security services, intelligent urban services, and effectively advancing the next generation of artificial intelligence development for the country.

The study finds that among the 43 low and middle-income participating economies for which detailed data are available, 12, with already elevated debt levels, could suffer a deterioration in their medium-term outlook for debt sustainability.

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The study shows that the tariffs' effect would be felt across various sectors of the US economy, but agriculture would be hit especially hard. The net income of farmers would decline by 6.7 percent, and 67,000 agriculture jobs would be lost.

The tariff-rate quotas on imports of sugar products were among trade measures that China clearly acknowledged to retain when it joined the WTO, and China's automatic import license management of commodities was necessary to effectively monitor commodity imports.

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The system is capable of learning user behavior with the support of artificial intelligence, thus offering more personalized driving experiences.

The tax reduction surpassed 1.51 trillion yuan, which included 703.5 billion yuan from reforms in the lowering of value-added tax rates, 182.7 billion yuan from inclusive tax reduction for small and micro enterprises and 442.6 billion yuan from reforms in individual income tax, Cai Zili with the State Taxation Administration told a press conference.