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China's oil major China Petroleum and Chemical Corp, Bank of China and CIC Capital Corp have agreed to help develop Alaska's liquefied natural gas sector by providing assistance to building a pipeline project.

China's money supply growth rate and the newly issued yuan-denominated loans both increased in November to support economic growth, although the monetary authority reiterated that risk prevention should be the policy priority.

China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have rolled out a string of measures to reduce the local debt burden.

China's defense spending is "reasonable and appropriate" and accounts for a relatively low percentage of the country's GDP and government expenditure compared with other major countries, a defense white paper published on Wednesday said.

China's lower-tier cities are stealing the residential property market thunder from bigger places as home prices continue to rise, thanks to fewer restrictions on purchases there.