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He noted that the percentage of workers age 50 and above increased by 3.3 percentage points over the two years ending last year.

He emphasized in his keynote speech the importance for US businesses to tap into the huge Chinese market.

He concluded by saying that in reality "the economic and trade cooperation has brought enormous benefits to our two countries and their peoples, and it now has become the bedrock of bilateral relations."

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He estimated that banks will need to lower their loan interest rates by 1 percentage point this year to meet the target of 1.5 trillion yuan in sacrificed profits.

He described China's employment situation as "very stable" and "in a positive trend."

He has collaborated with his wife, Deborah, on the book Our Towns: A 100,000-Mile Journey into the Heart of America. During the research for this, they witnessed new jobs being created in the US Midwest.

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He emphasized that with over 300 accounts involved in putting orders into the transaction in each tranche, the distribution of approximately one-third into Europe shows the strong following for Chinese assets in the region.

He noted that the brand's first boutique in Beijing, which is dedicated to selling the Louis XIII cognac, has been delivering exceptional results since it opened in 2016.

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He offered no details, but said Macy's may increase the number of categories in its stores.

He noted that China has made great efforts in recent years to stamp out infringements of intellectual property rights by strengthening laws and setting up specialist IPR courts.