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Banking and insurance institutions should provide financing support to major projects that serve public interests despite a long period of investment returns.

Baidu reported though that its revenue in the second quarter reached 26.3 billion yuan (.84 billion), up 1 percent year-on-year, beating analysts' expectations of 25.8 billion yuan compiled by financial markets data provider Refinitiv.

Because a large number of multinationals' investment strategies have already shifted from a cost-driven to a market-driven model, especially in the services sector, foreign investment in China will continue to grow once the epidemic is fully contained, said Ma Yu, a researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing.

Bao said he did not take the words seriously as the more than 200,000 yuan (,830) sedan was totally unaffordable then. But in 1999, Bao and his colleagues were among the first batch of private car owners in China.

Bank of China Ltd, the country's fourth largest commercial lender by assets, and China Development Bank, a policy financial institution, signed a comprehensive cooperation agreement Thursday in Beijing.