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Despite the fraud, the minister stressed in his report that much progress has been made in social relief, which over the years has expanded to include cash benefits and a string of other temporary assistance measures ranging from healthcare to housing programs, all aimed at helping needy people survive during difficult times.

Despite a fiscal year full of macro-economic and industrial challenges, the company delivered full-year revenue exceeding billion for the second consecutive year. Profitability remained a strength, with historical high pre-tax income of .02 billion, up almost 19 percent year-on-year.

Despite slight fluctuations, China's asset-to-GDP ratio had remained about 1.8 times from 2010 to 2015, it said.

Defying the current economic downtrend to register robust growth, Kingtronics and many other private firms point to the microeconomic tenacity of China as it struggles with an economic growth slowdown and uncertainties posed by trade friction with the United States.

Designed to finance the Belt and Road Initiative, the Silk Road Fund was founded in December 2014 and is jointly backed by China's foreign exchange reserves, China Investment Corp, the Export-Import Bank of China and China Development Bank.