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The new rules, effective from March 2018, waived a provision from a 2014 rule that requires companies that acquire or bid for overseas projects worth over 0 million to report project information beforehand, according to the National Development and Reform Commission (NDRC).

The new regulation will help promote the liberalization and facilitation of cross-border trade and investment and better serve the country's real economy, said the SAFE.

The new project will cover a total area of 430,000 square meters, with total investment topping 8 billion yuan (.2 billion). Operating under the brand Livat, the project will include 120,000 square meters of retailing space, offering consumers choices from over 300 catering, entertainment, education and sports brands from home and abroad. Ikea home furniture will also be available.

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The new model costs between 149,000 and 190,000 yuan (about ,650 to 30,100). It features voice-control smart connection systems and in-vehicle entertainment.

The new route is also expected to boost economic and cultural exchanges between the cities of Guangzhou and Cebu, the airline added.

The new service should appeal to those that don’t make purchases online with a credit card or bank account. TechCrunch noted that PayPal also offers something similar with its PayPal My Cash Card, allowing people to add?cash to their online PayPal account.

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The negative list model, which states the sectors and businesses that are off limits to foreign investment, will be adopted nationwide as early as 2018.

The national program, called Plan Ceibal, launched in collaboration with a global nonprofit called One Laptop Per Child, made Uruguay "the first country in the world to provide one laptop to every primary school student," according to OLPC's website.

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The newly-formed State Medical Insurance Administration said it would further cut the price of cancer drugs on the list via public bidding and procurement.

The new law is expected to boost much-needed investments by cutting down bureaucracy, especially for starting new logistics and port projects around the Suez Canal.