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China has stepped up efforts to fight against telecom fraud in recent years. Sichuan police have cracked 1,757 telecom and online fraud cases and frozen one billion yuan of fraudulent money so far this year.

China is close to unveiling an additional fiscal stimulus package to prevent layoffs and debt defaults and secure its post-COVID-19 economic recovery, experts said on Friday.

China has set up the second phase of its national advanced manufacturing investment fund, with a size of 50 billion yuan (.12 billion), in order to inject new vitality into the nation's push for high-end manufacturing, according to State Development & Investment Corp, China's largest State-owned investment holding company.

China is ready to levy differentiated additional tariffs on about billion of imports from the United States, if the latter further escalates trade frictions, the Customs Tariff Commission of the State Council announced late on Friday.

China has the world's leading system integration companies in mobile phones, 5G communications, security and other areas. They traditionally tend to cooperate with European and US suppliers. But as the US government moves to impose export controls on Chinese technology firms, they have begun to feel the urgency of working with domestic semiconductor companies, Huang said.