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China was forced to retaliate. Its customs authority announcing that additional tariffs for some imports from the United States worth the same amount, including agricultural products, vehicles and aquatic products, took effect on the same day.
China will accelerate the opening-up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, Xi said.
China reduced taxes and fees by 2.36 trillion yuan in 2019, beyond the annual target of 2 trillion yuan, with manufacturing and micro and small businesses being the major beneficiaries. This year, the target is to make further tax and fee cuts of about 500 billion yuan, according to the Government Work Report for 2020.
China registered the first quarterly current account deficit in 17 years in this year's first quarter. Such a deficit is when imports exceed exports. The deficit was .2 billion, compared with a surplus of .4 billion a year ago. But the market seems to have fewer concerns over China than other emerging markets. This is because of China's stable macroeconomic conditions and its record of successful control of capital flight, although Sino-US trade tensions may increase uncertainties in the financial sector, according to economists.
China suffered from stronger rainfall during the flood season this year compared with the same period of previous years, with 32 times as much torrential rain hitting the country, the second-highest since torrential rain was first recorded in 2013, said Ye.
来源：资阳报