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Deng Lei, assistant general manager of Bank of China Singapore branch, said that the federation had appointed it as the sole financial services partner during the CIIE. The bank will provide the Singaporean exhibitors with services including cross-border business matchmaking, remittances, tariff guarantee and e-loan services.

Despite resilient domestic demand and stronger external demand for exports, AREO says the region is facing two near-term risks: faster-than-expected tightening in global financial conditions led by the US Fed's interest rate hikes and an escalation of global trade tensions.

Deng Zhisong, a ?senior partner at Dentons Beijing Office, said the penalties reflected the government's determination to improve market fairness.

Delivery companies DHL, UPS and FedEx are set to deliver millions and then billions of doses of the vaccines packed in dry ice.

Deng said China and ASEAN countries have the confidence, capability and wisdom to stay clear of disruptions. "We will stick to the dual-track approach, resolve disputes by countries directly concerned through consultations and negotiations, accelerate the COC consultations, and advance joint maritime development while setting aside disputes. Together we would maintain a peaceful and stable South China Sea and build it into a sea of peace, friendship and cooperation."