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"China's steel output rose this year as downstream demand from infrastructure construction picked up on government's investments, boosting inbound shipments of iron ore," she said.

"Chinese luxury-brand consumers are younger than Bulgari's consumers worldwide. Compared with European consumers, Chinese consumers are exposed to luxury brands at a younger age. The average age of our Chinese consumers is between 25 and 35, while the age of European consumers ranges from 34 to 45," Babin added.

"Cooking gas prices have gone up, sending children to school is expensive. It's difficult to run the household. I want the new government to think about middle classes," she said.

"Clearly the first swap is a small amount, compared with the potential issuance of perpetual bonds that could be more than 1.08 trillion yuan as we estimated," said Jiang Chao, an economist with Haitong Securities, an A-share listed brokerage. "That could support credit growth of 6.82 trillion yuan."

"China resolutely follows the path of peaceful development and upholds a defense policy that is defensive in nature," he said. "China's military spending is open, transparent, and grows at a moderate level."