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Concerns over credit risks of the country's small banks rattled the interbank market after the takeover of the Inner Mongolia-based Baoshang Bank by regulators last month.

Companies from the tech, media and telecommunication sector will continue to be the major driving force, KPMG forecast.

Company chairman You Xiaoping said the firm is looking for investment opportunities through its overseas marketing network, with the hope of leveraging the reduced tariff and transportation efficiency to boost sales across Belt and Road economies.

Competitors including Etsy have criticized Amazon’s stance on the bill, saying it would harm the company’s rivals disproportionately because of their smaller size, ultimately benefitting Amazon by eliminating competition.

Companies cannot pay workers more unless they are producing and selling more valuable products. Average yearly wages increased from 37,143 yuan in 2010 to 82,461 yuan in 2018, according to the National Bureau of Statistics. Adjusting for inflation, this means that real wages have more than doubled. This would not be possible unless both the value-added of products has gone up and the skill-level of the workers has gone up.