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"From a global perspective, cutting individual income tax is an effective measure to implement proactive fiscal policy. It can raise disposable income, with the objective of boosting consumption and increasing aggregate demand," said Liu Yi, a professor at Peking University's School of Economics.

"For example, the companies have the right to close the accounts if the users refuse to pay the fees or violate regulations. So the accounts cannot be simply classified as the users' virtual property."

"Governments around the world, particularly China, the United States, and the UK, have taken unprecedented steps to legislate against the ivory trade," he said. "But, as the ivory market is closing down in some countries, it is being displaced elsewhere."

"Garbage sorting should become fashionable in society, and I encourage everyone to participate in the initiative," said Ying Yong, Shanghai's mayor.

"Given the strategic importance of China to Standard Chartered, our eXellerator lab in Shanghai will play a crucial role in helping us proactively reinvent ourselves and the banking industry," he told China Daily in a recent interview.