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China's CITIC Telecom CPC has announced the formal completion of its acquisition of the Amsterdam-based telecommunications company Linx Telecommunication BV. Linx operates in 14 countries, many of which are within the area covered by the Belt and Road Initiative.

China will further stabilize foreign trade and actively leverage the role of foreign capital, according to the Government Work Report submitted to the national legislature for deliberation. The country will significantly shorten its negative list for foreign investment, while a negative list will also be drawn up for cross-border trade in services, said the report delivered by Premier Li Keqiang at the opening of the annual national legislative session.

China works to build a multi-level capital market that satisfies growing funding demand from all kinds of companies, no matter how big or small. [Photo/VCG]

China will refrain from competitive currency devaluation, and while maintaining the basic stability of the RMB against a basket of currencies, the Chinese government will also work to ensure the RMB exchange rate against the US dollar will float in both directions in a more flexible way, the report said.

China will phase out about 50 million tons of crude steel capacity and over 150 million tons of coal capacity this year, according to the NDRC.