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By 2 pm Tuesday, the average wholesale price of pork, a staple meat in China, shrank 0.4 percent to 48.22 yuan () per kg, and that of eggs shrank 0.7 percent to 8.14 yuan per kg.

But the phenomenon has been on the wane among officials, notably in the past few years, as alcohol is banned in government receptions in many places.

By 2035, China will lead the world in key sectors of the industrial internet field.

By 2030, market capacity is expected to reach 3.8 trillion yuan and China will be the largest car-sharing market across the world.

But the tit-for-tat retaliatory trade actions could raise credit risks for companies in the two countries, especially for those already under pressure, although the vulnerability after the initial tariffs rounds is limited, according to the ratings agency.