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Chinese director Yang Fan, member of the jury of the 74th Venice Film Festival, walks the red carpet at Venice Lido, Italy, August 30, 2017. [Photo/IC]

Chinese financial regulators once worried local governments' contingent debt, or the debt out of the balance sheet, might expand fast due to some illegal borrowing disguised as PPP equity funding. The government pushed the deleveraging process by cracking down some high-risk projects and constrained some financing channels, resulting in a slowdown of fixed-asset investment growth to 5.9 percent last year.

Chinese companies have provided technological training to many young people and some of them have been sent to China to acquire better skills, said Tang, while hailing it as an embodiment of sustainable cooperation.

Chinese innovative drug companies have been developing very fast with increasing innovation capabilities, he said.

Chinese major e-commerce platforms continued to break records in online sales during this year's June 18 shopping festival from June 1 to 18. JD said sales for the 18-day festival period hit a staggering 201.5 billion yuan, compared with 159.2 billion yuan in 2018.