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Another report by the China Academy of Information and Communications Technology said that the superfast 5G is expected to directly bring 10.6 trillion yuan (.5 trillion) in economic output between 2020 to 2025, and 8 million jobs by 2030.

Apart from the growth in nonperforming loans, the gradual expansion of liquidity risk exposure at non-financial companies and defaults on private placement bonds and credit bonds will also increase the supply of problematic assets, Shi said.

Anyway, my friend's request wasn't difficult to fulfil. These days, recommending a new phone is a piece of cake. But it wasn't so even a few years ago.

Apart from Hong Kong and Shenzhen, another seven Chinese cities, all on the mainland, were also included in the top 50. New York took the top spot as the most competitive city in the world, followed by Tokyo and London.

Another 100 companies have expressed intentions to settle in Hainan. They include State-owned enterprises such as China Travel Service Group, China COSCO Shipping Corp, China Poly Group Corp and Sinochem Group; overseas giants such as Temasek, KPMG, Deloitte Touche Tohmatsu and DTZ Holdings; and private groups including Tencent Group, JD Group, Suning Group and Pacific Ocean Construction. Agreements will be signed with them in the near future, said the bureau.