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China's richest man Wang Jianlin has lost up to 200 million yuan (.3 million) from a deal brokered in Spain three years ago because of a shift in exchange rates.

China's top legislature will hold its fourth annual session in Beijing on March 5, according to a decision announced by the National People's Congress Standing Committee on Saturday.

China, Malpass said, "has been hugely successful in reducing extreme poverty," adding that as many as 850 million people are no longer in extreme poverty as the median income in China went up over the decades.

China's securities regulator will put into place more market-based reform measures to support the medium and long-term growth of the equities market, including the launch of a science and innovation board in Shanghai as soon as possible.

China, in the meantime, made notable breakthroughs in developing technologies such as 5G, computer chips, nuclear power, high-speed trains, high-end vessels and aircraft manufacturing. It also deployed more resources to promote the Belt and Road Initiative and the Asian Infrastructure Investment Bank to build a trade, investment and infrastructure network connecting Asia with more regions in the world.