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China's Ambassador to the UK Liu Xiaoming delivers a keynote speech at a reception for the 70th anniversary of the founding of the People's Republic of China in London, Sept 9, 2019. [Ouyang Xueyan/China Daily]

China will never launch or involve itself in an arms race with any other country, especially the United States, said a senior strategist from the People's Liberation Army on Thursday.

China's asset management segment is set to expand fivefold to trillion by 2030, beating growth in other markets and benefitting local money managers, according to a report last week by Casey Quirk, a global consultancy services provider on asset management from the Deloitte stable.

China's announcement came after the US Trade Representative's office released a finalized list of 16 billion dollars' worth of Chinese goods. The tariff hike will take effect on Aug 23, bringing the total worth of Chinese goods facing a 25 percent tariff to 50 billion dollars.

China's central bank has incentivized commercial lending to smaller firms via special funding and providing targeted cuts to reserve requirements for banks, and has forecast an obvious improvement in major economic indicators in the second quarter.