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China Telecom did not immediately respond to requests for comment. The company's US unit has held the license to provide services in the US since 2007.

China Construction Bank Corp, the nation's second largest State-owned commercial lender by assets, and China Minsheng Banking Corp Ltd, a national joint-stock commercial bank, established their own fintech subsidiary in 2018, following the steps of a few other pioneering banks during the past three years.

China also welcomes financial market infrastructure and banks from France to access the Cross-border Inter-bank Payment System, and French representatives agreed to support companies to cooperate with China UnionPay on acceptance of UnionPay cards, the statement indicated.

China and Germany have many things in common. Our two countries are the most populous and economically strongest countries on their respective continents. At the same time, China and Germany are proving to be an anchor of stability for their regions of Europe and Asia, even in difficult times of pandemic crisis. And there are historical reasons for this: Those of us responsible in the Port of Duisburg in particular have great respect for many Chinese achievements since 1978 - for the economic development that has enabled so many people to lift themselves out of poverty - this is a historic achievement, especially against the background of historic aberrations, with their terrible consequences for a large part of the local population.

China aims to eliminate absolute poverty domestically by the end of next year. Removing the poverty label – which requires a dramatic decline in the poverty rate – is considered a crucial step to accomplish the zero-poverty goal.