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China's central bank also started a key interest rate market-oriented reform on Tuesday, which is expected to boost corporate earnings by reducing lending costs and lowering the risk-free interest rate, both of which would be supportive to stock prices.

China will escape the so-called middle-income trap that many emerging countries have fallen into, moving beyond it to become the world's largest economy within a decade, according to experts.

China would like to take proactive measures to expand imports from South Africa amid the two countries' efforts to boost strategic coordination, President Xi Jinping said on Tuesday.

China's capital has instituted nucleic acid testing for returnees from Wuhan, the city in Central China’s Hubei province hard-hit by COVID-19 and in the past five days, all results have been negative, according to Gao Xiaojun, spokesman for the Beijing Municipal Health Commission, on Tuesday.

China's VR industry is expected to be worth 54.45 billion yuan ( billion) next year, with an annual growth rate of about 95.2 percent, according to a report from the China Center for Information Industry Development, a research institute affiliated with the ministry.