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China witnessed 6.9 percent growth in the second quarter.

China's central bank, or the People's Bank of China, announced on Friday to cut the reserve requirement ratio for financial institutions by 50 basis points from Sept 16 in the latest effort to bolster the economy.

China's capital has instituted nucleic acid testing for returnees from Wuhan, the city in Central China’s Hubei province hard-hit by COVID-19 and in the past five days, all results have been negative, according to Gao Xiaojun, spokesman for the Beijing Municipal Health Commission, on Tuesday.

China's Labor Law stipulates that companies must contribute the bulk of payments toward five types of social security for employees, including injury, medical and endowment insurance. Workers pay a minimal amount.

China's announcement that it will scrap foreign ownership caps on local auto companies by 2022 and remove restrictions on new-energy vehicle ventures this year is expected to be a game changer for the industry.