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China reported annual GDP growth of 6.1 percent in 2019, meeting the official target range for the year. A day before that China signed the phase one trade deal with the United States and analysts said the same will boost business confidence and support stable global economic growth this year.

China released mandatory safety regulations related to electric vehicles, batteries and electric buses on Tuesday, which analysts say will help improve the industry's manufacturing standards and relieve customer safety concerns.

China ranked first among countries for auto production and sales for 10 consecutive years as of 2018, and the country's new energy vehicles continue to maintain rapid growth, according to the China Association of Automobile Manufactures.

China resumed sovereignty of Hong Kong on July 1, 1997, concluding 156 years of British colonial rule. The PLA has had a garrison in Hong Kong ever since, and is responsible for defense duties in the special administrative region.

China levies its withholding tax at a rate of 10 percent on foreign firms' earnings. However, that withholding tax can be exempted if that profit is put into qualified direct equity investments, including stocks.