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China is one of the world's largest oil buyers, with over 60 percent of its oil consumption coming from imports. The country imported 225 million tons of crude oil in the first half of the year, up 5.8 percent from the same period last year.

China is expected to be the only major economy that will see positive growth this year, according to the projections by the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD) and other international organizations.

China is prohibiting property developers, real estate agencies as well as internet finance and micro-loan companies from financing down payments for home buyers to rein in property prices in major cities.

China is making more friends with the construction of the Belt and Road, and the country stands ready to work with related countries to bring our cooperation to a new level, he added.

China is ready to work with Singapore to further cement political mutual trust, better connect development strategies and deepen the Belt and Road Initiative cooperation, so that China-Singapore relations will keep breaking new grounds in the years to come, he added.