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The city's first female leader said there is no fear on her part or on the part of eight other Hong Kong officials sanctioned by the US. "The more these overseas governments and politicians try to threaten us, the stronger we are in order to discharge our important role," she said.

The city plans to make changes in its employment procedures for foreigners to improve efficiency with the introduction of a "smarter" work permit, the local government said.

The central bank will strengthen monitoring and early warnings of default risks, improve the bond default disposal mechanism, and enrich market-oriented default disposal methods, it said.

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The city's Chief Executive Carrie Lam Cheng Yuet-ngor warned on Friday that Asia's financial center is bracing for an "economic tsunami" never before seen, after meeting with 33 representatives from the business community.

The central and local governments will also take further steps to create a fair and competitive market environment, improve the quality of regulatory approval services, and reduce corporate taxes and fees, according to the report on China's economic and financial outlook in 2019.

The central bank will use multiple monetary policy tools to maintain stable liquidity and guide proper growth of credit and financing, according to a statement released by the People's Bank of China (PBOC) following its quarterly meeting.

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The center, built to monitor and warn about possible tsunamis, began its trial operation at the end of January, and will provide a 24-hour service to nine countries, including China, Geng said at a news conference.

The city's home price index in August, as tracked by the Rating and Valuation Department, fell for the third consecutive month to 389.8, a monthly decrease of 1.4 percent and a cumulative drop of 1.8 percent from the peak level in May－narrowing the cumulative rise of property prices to nearly 8.5 percent in the first eight months.

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The city has also become a magnet for foreign ceramic artists. Ryan LaBar came to Jingdezhen five years ago from the United States. He said he draws inspiration for his works from talking with local artists as well as the artistic ambience of the city which inspires creativity.

The chances are high that these Chinese clean energy companies will continue to expand abroad, as many companies are stepping up their participation in overseas markets, actively investing in assets abroad buoyed by the China-led Belt and Road Initiative, he said.