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China will allow financial institutions in the FTZs to carry out renminbi derivative products and other businesses for overseas institutions with the preconditions of complying with laws and regulations and keeping risks within control, according to the document.

China on Monday reported a faster-than-expected 6.9 percent growth in the first half of the year. Li said China's economic structure had been optimized, and the service industry and consumption made prominent contributions to the country's economic growth.

China then hit back at US unilateralism with equal tariff plan, unveiling a list of products worth billion imported from the United States that will be subject to higher tariffs, including soybeans, automobiles, and chemical products.

China strongly opposes irresponsible remarks concerning China made by the defense ministers of the United States and Japan at the Shangri-La Dialogue in Singapore, a Foreign Ministry spokeswoman said on Sunday.

China is working on new ways to improve chip performance, power and costs for AI applications, which will present huge opportunities for companies laying the foundations for such technological breakthroughs, said Gary Dickerson, president and chief executive officer of Applied Materials Inc, a leading semiconductor and display equipment company.