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China needs to strengthen its efforts to boost the private sector in order to keep the economy on the right recovery path, a report by the Asian Development Bank said on Thursday.

China rolled out a master plan in June on building the southern island province of Hainan into a globally influential free trade port, and in September opened three new FTZs-one in Beijing, and the other two in Hunan and Anhui provinces, increasing the total number of FTZs in the country to 21.

China slashed 250 million tonnes of coal capacity last year, outperforming the annual target.

China reduced its holdings of US treasuries to a seven-month low in January, amid concerns that the world's largest bond market might suffer headwinds from impending interest rate increases.

China taking bold steps to replace fossil fuels with clean resources, especially wind and solar power