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China CITIC Bank, one of China's leading commercial banks, launched its London branch on June 21.

China National Offshore Oil Corporation and Shell Nanhai BV announced the start up of their second ethylene cracker at their Nanhai petrochemicals complex in Daya Bay, a major petrochemical production base.

China Real Estate Index System, another industrial information provider, also released a similar report, which revealed that the companies with revenue ranging from 10 billion to 100 billion yuan have been more rational in land purchases and have gradually switched their focus from first and second-tier cities to smaller ones.

China and Russia are making progress in new areas such as the digital economy, technological innovation and small and medium-sized enterprises while promoting cooperation in traditional areas such as energy, transportation, production capacity equipment and agriculture, Li said.

China also plans to merge State and regional tax administrative bodies at the provincial level and below under the shared management of the State Administration of Taxation and local governments.