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Cheng said the new tax cut measures are designed particularly for small and micro-profit businesses, mainly to ensure employment and encourage technological innovation.

Chen Yangfen, a researcher with the Institute of Agricultural Economics and Development at the Chinese Academy of Agricultural Sciences, said that to ensure grain security, China must diversify its soybean import channels. Cooperation between China and Russia in the sector offers great potential, he added.

Chen Yingqun contributed to the story.

Chen is concerned that fierce competition over quality, price and brand awareness will cause less competitive carmakers to be marginalized over the next two years, leaving the gap between auto manufacturers to widen.

Chile's central bank reduced interest rates and unveiled other measures, saying the economy "has seen a swift and significant deterioration as a result of the global spread of COVID-19."