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Based on the current condition, it will likely speed up the high-quality development while maintaining a stable momentum, and could become the core force driving the recovery of international trade.

Bank of America Securities boosted it price target for Apple to 0 a share from 0 and maintained its "buy" rating. Analysts cited the company's new 5G iPhone and estimated that hardware sales will grow 20 percent next year. In early trading, Apple fell l.08 percent.

Banking institutions also provided 1.9 trillion yuan to refinance MSMEs that had paid off their loans, according to statistics from the China Banking and Insurance Regulatory Commission.

Based on average annual growth between 1990 and 2016, most places in China could complete the first modernization by 2020, the report said.

BYD early this month reported a 42 percent drop to 1.61 billion yuan (7 million) in net profit for 2019, down from 2.78 billion yuan in 2018. Its revenue dropped 1.8 percent to 127.74 billion yuan last year, from 130.05 billion yuan a year earlier.