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At the FOCAC Beijing Summit in 2018, Xi announced the eight major initiatives for partnerships with African countries, which focused on industrial promotion, trade facilitation and infrastructure connectivity.

At the end of July, CFLD signed a strategic cooperation framework agreement with Ping An, becoming a major strategic partner. The two sides will strengthen cooperation in various areas including financial service, industrial cities and emerging industries.

At the same time, valuations in the bond market are starting to look attractive. Chinese real estate developers make up about half of the Asian high yield universe. As at the end of March, China property high yields had risen by 500 basis points on average this year for credit rated BB, and 700 basis points for Bs, as global liquidity dried up and caused significant price dislocations.

At the event, Lamy told Xinhua that the Belt and Road Initiative would play a role in facilitating the ease of connectivity between the European Union nations and the Pacific nations, helped along by the increased development that has been pegged for the region by China, and its initiative partners.

At the Massachusetts State House in Boston, hundreds of protesters demonstrated against closures ordered during the pandemic.