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Strategic emerging industries and new growth drivers contributed to the fast growth, with revenues of new businesses including internet applications accounting for more than 50 percent of total revenues.

Stoffels said the 50-odd startups are strong in expertise, research and development strengths, and have grown rapidly.

Students are learning how to drive a train on a simulator in Luban Workshop in Djibouti. LIU HONGJIE/CHINA DAILY

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Such moves have helped strengthen the company's financial capability to support the development of its main business, improve its corporate financial structure and corporate governance, and eventually helped preserve and increase the value of State-owned assets, the company said.

Students walk out of their classrooms to demand action on gun reform in Washngton Square park, New York City, April 20. [Photo / Zhou Pai]

Students from five Chinese cities, including Wuhan, the epicenter of the COVID-19 pandemic in China; Shanghai; and Norfolk's sister city Ningbo's Beilun District shared stories of how their lives have been affected by the coronavirus, which forced millions of Chinese students to take classes online as Chinese authorities moved to contain the deadly infections.

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Steve Mollenkopf, CEO of Qualcomm, said in a statement: "We have been cooperating with Xiaomi, Oppo and Vivo for a long time. We will continue investing into China's semiconductor and mobile industry."

Stressing that he attaches great importance to the development of bilateral ties, Xi said he stands ready to work with Akufo-Addo to take the 60th anniversary as an opportunity to carry forward traditional friendship, deepen cooperation in various fields under the joint construction of the Belt and Road and within the framework of the Forum on China-Africa Cooperation, so as to benefit the two countries and their peoples, and contribute to the building of a closer China-Africa community with a shared future.

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Such developments have brought tangible benefits to people in the two countries, as well as contributed to regional peace and prosperity, Xi said.

Such firms are likely to fail to get registered. So, next year, established brands may seek to replace them in markets whose collective sales may exceed 15 billion yuan (.27 billion), it said.