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As China reduces excessive capacity in the coal mining, steelmaking and power generation sectors, coal-rich Guizhou province in Southwest China is digging further into eco-friendly drivers of economic growth with the help of Agricultural Bank of China Ltd, which is making the same adjustments to its direction of lending.

As Lance explained, small and medium-sized enterprises in the private sector are likely to account for the most layoffs this year, which is largely due to the difficulty in financing. Some larger companies will downsize their head count this year as they may have expanded faster than they should over the past few years, he said.

As Beijing shifts away from old-growth drivers, the service industry is now a key growth engine that firmly steers the economy forward.

Argentine Ambassador to China, Diego Ramiro Guelar, said the South American country will increase efforts to develop its energy and transport infrastructure over the next 30 years, thanks in large part to the bilateral partnership and participation in the initiative.

Artificial intelligence startup Roadstar.ai has announced plans to produce more than 1,000 self-driving electric vehicles by 2020 and to expand its presence in overseas markets, such as Japan, Europe and North America.