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Bai Ming, deputy director of the research institute under the Ministry of Commerce, said it makes sense for the government to keep an eye on certain types of outbound investment projects.

BYD said the earnings decline was mainly due to industry and policy changes and increases in research and development spending.

Ban on informal 'drawer agreements' expected to reduce leverage ratio

Bearing in mind the principles of mutual respect and win-win cooperation, China has demonstrated sincerity in making reasonable suggestions to the US, and has made great efforts to address the current trade imbalance between China and the U.S. China does not want a trade war with anyone, according to the statement.

Baidu also announced it will launch autonomous cars with Level 3 capabilities in 2021 in a partnership with Chinese electric car startup WM Motor.