The chip business, along with the internet of things, smartphones and big data, are included in its telecommunication equipment business, according to Gree.
The chairpersons' meeting also deliberated a report from the NPC Financial and Economic Affairs Committee on the economic situation during the first half of 2020.
The city will also open new maritime and air routes with countries along the route of the 21st Century Maritime Silk Road in Southeast Asia, South Asia and the Middle East.
The central government introduced the special transfer payment mechanism in May to cushion local governments from the blow to their tax revenues caused by economic contraction in the first quarter of the year.
The city's import and export trade volume was 824.84 billion yuan (8 billion) in Q2, accounting for 52.2 percent of the total volume in the first half of the year.
The cities on the shoreline of Guangxi's Beibu Gulf, including Fangchenggang, Qinzhou and Beihai, have become hot spots for investment as the cities' ports now serve as an important transit in the rail-sea freight routes under the New International Land-Sea Trade Corridor, a trade and logistics passage jointly launched by western Chinese provincial regions and Singapore.
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The center is known for its luxury brand outlets that offer much lower prices than the stores in downtown Beijing and Tianjin.
The city is now searching for opportunities offered by the 21st Century Maritime Silk Road, part of China's Belt and Road Initiative. The hundreds of islets in Sansha can serve as platforms for services in maritime trade and industry, officials say.
The central parity rate of the Chinese currency, the yuan, strengthened for the 11th consecutive working day to a fresh high against the US dollar Monday.
The central bank has reduced the RRR four times this year, releasing 2.3 trillion yuan into the market.