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The character of Minnie Mouse poses on her star after it was unveiled on the Hollywood Walk of Fame in Los Angeles, California, US, Jan 22, 2018. [Photo/Agencies]

The city government will uphold President Xi Jinping's instructions on strengthening China's marine economy and industries, and take advantage of Shenzhen's marine resources and scientific and technological strength to seek high-quality growth for its marine sectors and make greater contributions to the country's marine economy, said Wang Weizhong, Party secretary of Shenzhen.

The central government has reiterated that cutting overcapacity is high on its reform agenda in 2017 as excess capacity in sectors such as steel and coal has weighed on the country's economic performance.

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The central government released the Regulation to Implement the Foreign Investment Law on Dec 31. The regulation was passed at a State Council executive meeting earlier in December and took effect on Jan 1.

The ceremony was attended by senior officials from the central government and Guangdong province, along with German consular officers and senior BASF executives.

The central government has restrained the borrowing of local government financing vehicles, further contained local government debt risks, and clamped down on quasi-fiscal activity.

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The central government bears the greatest responsibility for maintaining the constitutional order in the HKSAR and for safeguarding national security, the spokesperson said, noting that it also bears the greatest concern for safeguarding the fundamental interests of Hong Kong and the fundamental wellbeing of Hong Kong compatriots.

The city will also improve its service sector and cultivate more talent to support its efforts.

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The central government is making efforts to relieve employment pressure on college graduates as large-scale job fairs are suspended or canceled to contain the novel coronavirus pneumonia.

The central bank will develop the financial market, push forward financial reform and expand opening up while maintaining financial system stability, ensuring continuous financial services and forestalling systemic financial risks, Yi said.