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In Huainan of Anhui Province, inspectors heard that Cao Zhengyong, who had previously worked with Yang, was under investigation for taking advantage of his positions to secure construction projects, and Yang had been accused of the same issues.

Over the past five years, China created a better business environment for both domestic and overseas companies. Through simpler approval process, lower corporate fees and technology-based services, the government is transforming its functions to let the market play a larger role in the economy.

As China steers the new normal of economic development, foreign investment faces new challenges, but the fundamental need for steady growth of foreign investment remains unchanged, said Wang.

WASHINGTON, Oct. 14 (Xinhua) -- As an open and inclusive platform, China's Belt and Road Initiative could help deepen international cooperation in development and faster economic integration in the region, a Chinese official said here during the International Monetary Fund (IMF)/World Bank annual meetings.

In the January-October period, fixed-asset investment grew 7.3 percent year on year, down 0.2 percentage points from the January-September level.