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China, which is still the largest smartphone market in the world and often perceived as an emerging market, now is actually similar to other mature markets in Europe and North America, experts said.

Chinese President Xi Jinping met Brown in Beijing on Tuesday and called on California to play a bigger role in promoting bilateral exchanges and cooperation between China and the United States in areas including technology, innovation and green development.

China's policymakers announced in December that "houses are for living in, not for speculating with" in its fight against rampant speculation in the property market.

Chinese GDP growth slowed to 6.1 percent in 2019, and the global economy expanded only about 2.9 percent last year－the weakest year since the 2008 financial crisis. Moreover, global growth in 2019 was only slightly above the global recession threshold of 2.5 percent.

China's securities regulator has released draft revisions of company rules that will broaden circumstances under which companies are permitted to buy back shares and simplify the procedures for buybacks.