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Cutting overcapacity in bloated sectors like steel and coal has been high on the government work agenda in recent years as production gluts ate into corporate profits and dragged economic growth.

Customers shop at a store of Forever 21 at a shopping mall in Beijing, May 20, 2019. [Photo/IC]

Currently, China and Russia are both working for the same goals of promoting economic growth and improving people's livelihood to realize national rejuvenation, said Li, adding that the two countries need to grasp the historic opportunity, and take the joint construction of the BRI as a chance to constantly expand two-way direct investment and step up economic cooperation.

Customs officers intercepted an outgoing lorry at Lok Ma Chau Control Point for inspection Tuesday evening and seized the batch of suspected smuggled goods in the cargo compartment, according to an online news release of the Hong Kong Special Administrative Region (HKSAR) government.

Cui said escalating trade tensions between China and the United States have also exerted a negative impact on global supply chains, especially in commodity goods such as crude oil, soybeans and rare earths.