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Commenting on the bond default cases, Ivan Chung, an associate managing director of Moody's, said: "We believe the Chinese government's willingness to support SOEs will remain, but its tolerance for isolated defaults will increase as long as they do not trigger systemic risks or undermine economic and social stability."

Commenting on the "unsurprising" result, Jiang Wenran, a visiting professor at the School of Public Policy and Global Affairs at the University of British Columbia, said it was a "bad day" for Canada and China.

Competition at dining table

Companies related to cross-border financial services, international trade and international medical services will be in the zone for the modern services industry.

Compared with the early days in 1990 when C100 was established at a time that China and the US were at odds, Wang said the organization now is "much bigger and better" in terms of advocating for Chinese-Americans' civil rights and engaging the community to voice support for any victims of "a gross injustice" and false accusations of so-called espionage.