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China's draft civil code will be submitted to the top legislative body this week for final deliberation during the country's biggest annual political gathering.
China's digital currency will adopt parallel technical routes and adhere to the model of centralized management by the central bank. It will also adopt a double-tier operating and issuance system, which means it will be issued by the central bank to commercial banks and then distributed by commercial banks to the general public, said Li, who is also former president of the Bank of China Ltd.
China's economy grew by 6.0 percent year-on-year in the third quarter, versus 6.2 percent in the second one, the National Bureau of Statistics said on Friday.The country's overall GDP growth reached 6.2 percent year-on-year in the first three quarters of this year, the NBS said.The Chinese economy maintained overall stability in the first three quarters, but is under mounting downward pressure, the administration said in a statement. The country will "place stable growth and reasonable range of economic development at a more prominent position," the statement said.Retail sales increased by 7.8 percent year-on-year last month, versus 7.5 percent in August.The country registered a 5.8 percent industrial output growth in September, compared with 4.4 percent in August.Fixed-asset investment expanded by 5.4 percent during the January-September period, compared with 5.5 percent in the first eight months. Real estate investment growth in the first nine months rose by 10.5 percent, the same as in the first eight months.Surveyed urban unemployment rate nationwide was 5.2 percent in September, unchanged from August.
China's financial regulators have been trying to stave off a potential credit crunch since last summer.
China's overall economy expanded by 6.1 percent year-on-year in 2019, meeting the preset target range of 6 to 6.5 percent for the year, according to the National Bureau of Statistics.
