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The cloud has become a huge part of Microsoft’s bottom line. The company expects commercial cloud revenue to make up about 15 percent of its overall revenue this year. Guthrie?sees the cloud business as one that requires plenty of up-front investment with the potential for a big long-term pay off.

The company has provided AMOLED technology for smartphone maker Xiaomi Corp's under-screen camera since June. Xiaomi's prototype foldable phone also used an OLED display panel from Visionox, Xu said.

The company announced that it will devote resources worth 200 million yuan (.32 million) to strengthening cooperation with third-party companies, such as home appliances maker Midea, to build a vibrant IoT ecosystem.

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The company has also launched free shuttle buses to transport clients from Beijing to Cangzhou. It also operates buses to other Chinese cities in an attempt to lure in more clients.

The comments came after Chinese telecom equipment maker ZTE Corp was banned by the US government from purchasing any American technology, including chips, for seven years. The incident has triggered widespread concern that China's heavy reliance on foreign processors will threaten the foundation of its electronics industry.

The commission required all centrally administered SOEs to lower their liability-to-asset ratios by 2 percentage points by 2020.

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The commission launched a citywide signage management campaign in December, which limits the number and placement of signs on buildings in order to "create an urban skyline that is visually clear and bright".

The company aims to tap the huge local demand for medical equipment, including endoscopes, microscopes, and solutions for minimally invasive surgeries.

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The coal that was left in the market's stocking on Christmas Eve turned to gold on Wednesday, as the Dow Jones Industrial Average soared by more than 1,000 points for its largest one-day point gain ever.

The company also said in its H1 earnings report that it generated operating revenue of 43.95 billion yuan, an annual increase of 11.31 percent.