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Retail business saw robust growth, accounting for 40 percent of the company's total operating revenue and 64 percent of its profit.

Revenue grew 11.9 percent year on year to 25.3 billion yuan last year, the Shenzhen-based company said in its annual report.

Ruan Hanxin, a 70-year-old farmer from Shanghuliang village in Xingxian county, said he was satisfied with his new residence in the new settlement in nearby Houshimen village.

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Robbie Cape

Rong said, "Now Shanghai International Automobile City's controlled testing zone is leading the world in this sector, with its 2-square-kilometer area and 5G telecommunications."

Revenue rose about 13 percent to .29 billion for the first quarter, beating analysts' average expectation of .28 billion. Revenue from the services segment, which includes iTunes, Apple Music, iCloud, and Apple Pay, rose about 18 percent to .47 billion in the quarter.

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Road works caused bumper-to-bumper traffic on a road in Jinan, Shandong province, Oct 9, 2016. [Photo/VCG]

Richard Liu Qiangdong, CEO and founder of JD, has shown for many years great interest in entering the online insurance market. The company signed a cooperation agreement with the Sichuan Provincial Government in 2015 to set up a JD internet property insurance company, but no further details were revealed. JD also invested 80 million yuan in the A-round financing of internet car insurance platform Ok Car Insurance two years ago.

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Revenue from accommodation reservation services rose by 27.6 percent from 1.84 billion yuan million in 2018 to 2.3 billion yuan in 2019. The increase was mainly due to the increase in room nights.

Roach also criticized the portrayal of China's outward investment as a unique State-directed plan aimed at gobbling up newly emerging US companies and their proprietary technologies. That includes the description of the Made in China 2025 strategy as a plot to dominate future industries in the world.