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Analysts said the Trump administration's .5-trillion tax cut and increased government spending have fueled the rapid increase in budget deficits and public debt.

And, according to iqilu.com, an official website of Shandong provincial broadcasting and television station, about 60 percent of travelers nationwide during the holiday were women.

Analysts said government support for entrepreneurship and innovation has provided a major boost for tech firms and startups and allowed them to survive and thrive amid downward pressures on the broader economy.

An uncertain global economic outlook accompanied by escalated trade tension could further drive investors' risk aversion and lead to a retreat of investment. [Photo/VCG]

An official with the commission who declined to be named said the economy is expected to remain on the right track in the second half despite some uncertainty, as the government is prepared for downside risks and there are policy tools to smooth out downward pressure.