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With a 1-billion-yuan (about 157 million U.S. dollars) investment, and each side holding 50 percent of shares, the SPD Silicon Valley Bank is the first joint venture bank since 1997 to win authorization by the country's Banking Regulatory Commission.

But more cities recorded declining prices in August, with new home prices rising in 63 cities on a monthly basis, down from 70 in July.

Participants of the meeting in China's southern city of Shenzhen have viewed the exchanges between government organs and the public via social media as a means to protect people's right to know, participate, express and supervise.

Zhang said several provinces, including Shanxi and Henan, have moved to blacklist contractors that were notorious for delaying payments. "But when a project is subcontracted again and again, it is hard to track the root of the dispute."

BEIJING, Aug. 7 (Xinhua) -- A Chinese official who regulates investment activities in the country said Tuesday the government's measures encouraging private funds to enter more sectors have worked and helped stabilize investment growth this year.