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Dayton, Ohio, has furloughed about 25 percent of its municipal workforce and plans further cuts. Mayor Nan Whaley said the first round of cuts focused on nonessential workers such as those at recreation centers.

Dai Kang, chief strategist at GF Securities, said foreign investors have shown strong interest in the A shares as their valuations have been very attractive.

Dai Mengyu, 28, a bank employee in Beijing, said she is favor of the cleanup campaign as some place names are misleading, or even blatantly promote superstition. But she said authorities should be cautious not to use a one-size-fits-all approach.

Dada Group, a Shanghai-headquartered on-demand delivery and retail company, filed on Tuesday with the US Securities and Exchange Commission to raise up to 0 million in an initial public offering. It plans to list on the Nasdaq under the symbol DADA.

David Glattstein, a former innovation adviser in Silicon Valley and current chief representative in Israel for Zhongguancun Development Group, said that it is refreshing to see China is grounding its economy in science, entrepreneurship, innovation and openness while the global economy is facing volatility and challenges.