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In the large and fast-growing "normal" category that includes most services and pharmaceuticals, agriculture, tourism plus general trade and manufacturing, the SOE share of revenues fell from 24.4 percent to 14.2 percent in the same time period. In China, almost all the companies in this category face strong competition from both domestic and foreign rivals.

In the late 19th century, Britain ran large trade surpluses while the US and some other then-industrializing countries ran large deficits. This was sustainable and a good thing for the US because the British capital was used for real investment in railroads, factories, and other productivity-enhancing factors of production. At that time, it was easy for the US to pay back its debt because the investment raised GDP far more than the amount of the loans.

In the private sector, groups like Alibaba and Tencent have dramatically increased access to capital and access to markets, Kim said, adding that these are the kinds of things small- and medium-sized enterprises need to export their products overseas.

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In the next five to 10 years, with technologies maturing and more applications being developed, not only consumers but enterprises will benefit from an increasingly mature 5G network, Zhong said.

In the past five years, pilot FTZs have been dedicated to implementing decisions and plans made by the CPC Central Committee and they have remained enterprising and courageous in order to achieve breakthroughs, he said.

In the same period, China's passenger car sales grew to 22.92 million vehicles, the highest in the world.

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In the same year, 88 percent of reviews received by Chinese home hosts are five-star reviews, higher than the percentage of worldwide female hosts at 83 percent.

In the past year, rice seeds and related techniques from China have become widely accepted among nearby farmers, he said.

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In the meeting, Lam introduced Luo to the administration's work over the past two years.

In the remote dunes of the Tengger Desert, in northern China's Inner Mongolia autonomous region, local man Xu Jianli and British television presenter Finn Aberdein lean on shovels as they examine a stack of wheat-straw.