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Around 30 percent of IPO applications were rejected in 2018, while the figure was only 17 percent a year earlier. Some 150 companies' IPOs were terminated this year, up 36 percent from 2017.

Arbitrage from issuing bonds and then buying structured deposits have started becoming attractive since the second quarter, as the market-oriented bond financing costs have become much lower than those of the banks' financial products, pushing the PBOC to implement targeted measures instead of broadly cutting the policy rates, Li said.

As Dickson spoke, she pointed to a reassembled famille rose porcelain vase that has survived to tell the story of its owner.

Arcfox's first production model, a medium-and-large-sized SUV, will hit the market early next year, said Yu Chen, a deputy general manager of the brand.

Around 1990, when the Chinese economy had been steaming ahead at an annual growth of 9 percent for 10 years, many scholars did not believe such momentum could continue much longer, economist Justin Yifu Lin recalled in a 2011 speech.