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China's State-owned construction firm CITIC is the lead contractor on the project which, according to ABP, will create 30,000 jobs during the next decade.

China will never take the initiative to bully others, but the country will hit back at any move to slander it, State Councilor and Foreign Minister Wang Yi said at a video news conference at the Great Hall of the People in Beijing on Sunday.

China will rely less on wide capital support policies for economic growth as it seeks high-quality development, the country's central bank governor said on Friday.

China will further ease outbound investment limits and allow more domestic institutional investors to purchase financial assets in the global market as part of its financial market reform and opening-up, according to an official announcement.

China will cut VAT rates as part of a tax reduction package amounting to 400 billion yuan (.6 billion) this year, according to a decision made at a State Council executive meeting Wednesday.