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Customers sing at a mini karaoke booth in the basement of the Tianfu Square in Chengdu, capital of Sichuan province. [Photo by Hao Fei / For China Daily]

Ctrip said on Tuesday it is still waiting for the result of an investigation by the Italian police.

Customers look at yogurt products at a supermarket in Yichang, Hubei province. [Photo by Ke Yuming/For China Daily]

Cui Fan, a professor at the University of International Business and Economics, said the move is part of China's long-term endeavors to lower tariffs. Combined with a number of policies released by the State Council to attract foreign investors, the tariff policy is expected to improve the business environment and help boost foreign investment in the world's second-largest economy, he said.

Currently, the bank has established overseas institutions in 44 countries and regions worldwide, and extended its presence in 20 African countries indirectly through holding shares of the Standard Bank of South Africa.