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"The award, a typically unfair and arbitrary verdict, represents a huge blow to the world's confidence in the international legal system and the integrity of arbitration proceedings," he said.

To improve competitiveness, SOEs should come up with innovative technology, products and services while upgrading their traditional industries, Li said.

The policy actions of the United States and China have never been so closely connected. A relative stable RMB exchange rate will help China engineer a smooth economic transition and maintain a stable financial market, which could pave the way for the Fed to further raise interest rates. Clear communications of Fed's decision-making will also help reduce global market uncertainties and capital outflows from China, avoiding a large devaluation of the RMB to some extent.

BELGRADE, June 18 (Xinhua) -- China and Serbia pledged Saturday to continue joint efforts for putting the Hungary-Serbia railway into operation as scheduled.

She said that Russian President Vladimir Putin's visit to China last month has injected fresh impetus into bilateral ties, and her visit is aimed at strengthening people-to-people ties in particular.