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China's GDP grew by 4.9 percent year-on-year in the third quarter, faster than the 3.2 percent growth between April and June, suggesting "a rapid return to the pre-COVID trend", according to US economist Stephen Roach, also former chairman of Morgan Stanley Asia.

China will set up an international development cooperation agency, according to the plan on reforming institutions of the State Council unveiled on Tuesday.

China will focus on the fight against poverty in the deeply impoverished areas located in Tibet, Xinjiang, Qinghai, Gansu, Sichuan and Yunan.

China's big tech companies have been pouring billions of dollars into AI-based research and development. Internet search giant Baidu Inc was chosen to lead the establishment of the country's AI national laboratory on deep learning in 2017. Self-driving technologies are also important for national development. The Beijing-based tech heavyweight has also ramped up efforts to promote the commercialization of self-driving technology, and fully opened its autonomous taxi service Apollo Go Robotaxi in several cities.

China's ICBC operates a 0 million startup investment fund in India, while Bank of China received Indian regulatory approval for its retail banking services last week. Given that Bank of China is expanding its India footprint, SBI, which is Indian's pre-eminent "financial conglomerate", will explore potential joint ventures with Chinese entities, he said.