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Declined growth in new net yuan loans in the property market is a significant factor contributing to a slower growth of money supply, according to Ruan Jianhong, head of the statistics and analysis department at PBOC.

Daimler and Chinese partner BAIC Motor will invest 655 million euros in the production of battery-powered electric cars, and this includes an investment of "three-digit million euros" for battery production by the joint venture. Some carmakers are going even further to secure supplies of resources such as lithium and cobalt for batteries.

Data shows that watches and household appliances dropped from the top three and that Chinese tourists abroad also no longer favor rice cookers and toilet covers.

Data from the Qianzhan Research Institute show that the market size of China's facial recognition industry is expected to hit 5.1 billion yuan (2 millionmillion) in 2021 from over 1.7 billion yuan in 2016.

De Burgh said: "The desire to open a school of this kind has been founded on the belief that future generations of British opinion formers and decision-makers will benefit greatly from learning Chinese at an early age."