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The regulation, to be effective starting Dec 1, strengthens the punishment of illegal activities, adding a "punishment to person" system to hold legal representatives and relevant responsible persons accountable, who may face fines up to 10 times their annual income, said Sun Meijun, an official with the State Administration for Market Regulation.

The renewable energy made up 36.6 percent of the country's total installed capacity of power and generated electricity of 1.7 trillion kilowatt hours last year, according to Liu Baohua, deputy head of the National Energy Administration.

The report also noted that with further tightening of regulations, Chinese commercial banks are witnessing rising pressure from compliance risks this year.

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The registration process of organ donation was also streamlined at the end of last year. It only takes 10 seconds for people to register for organ donation via Alipay, a payment app operated by Ant Financial Services.

The remark came after United States Vice President Mike Pence commented on Hong Kong affairs when addressing the Detroit Economic Club on Monday, threatening that it would be harder for Washington to make a trade deal with Beijing if there was violence in the region.

The report also put the rise of China's brand value down to the world-class infrastructure and highly educated workforce in booming cities such as Beijing and Shanghai, listing them among the world's best places to do business.

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The report revealed that UK intelligence was concerned that security weaknesses could be exploited by a range of outside actors, although it stressed that cybersecurity officials did "not believe that the defects identified are a result of Chinese state interference".

The regulation is being amended, and overseen by an eight-member expert team including Chen Mingming, former Chinese ambassador to Sweden and Lynette Shi, an adjunct professor of translation with the Middlebury Institute of International Studies at Monterey, the United States.

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The regulation will take effect on March 20.

The remarkable growth in recoveries can partly be attributed to the company's embrace of advanced tech, including artificial intelligence, big data and cloud computing, according to the bank's senior executives.