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He noted that the number of conglomerates that "destroy value" tends to increase, referring to those that achieved profit growth but witnessed negative total shareholder returns.

He called on China to work along with the EU towards rule-based world trade system within the framework of the World Trade Organization (WTO), to fend off protectionism.

He noted that ASEAN has played an important role in securing regional peace and stability since its founding half a century ago, and it has become a force that represents the world's developing multipolar nature.

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He called for greater attention to promoting new infrastructure construction, the digital transformation of all walks of life, innovation in scientific research and development, smart city initiatives and internet information security.

He noted that many good practices and experiences formulated by the CPPCC at various levels over the past five years also needed to be institutionalized through the amendment.

He noted that trade tension started in early March with the US steel and aluminum tariffs for national security concerns and has fed into several bilateral negotiations aimed at reducing US trade deficits. "These initiatives will do little, however, to change the multilateral or overall US external current account deficit, which owes primarily to a level of aggregate US spending that continues to exceed total income," Obstfeld said.

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He had promised to deliver Australia's first budget surplus since the Global Financial Crisis (GFC) in 2019-20, but a deficit is expected when the budget is released in October, according to local media.

He noted that all road works were being carried out under the concept of output-based performance contracts which will see the contractor carry out major rehabilitation to the roads in a period of two years.

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He encouraged maintaining cultural diversity and said the China-proposed Belt and Road Initiative is a way to keep different cultures vital.

He noted, however, that “the transfer of this action in no way inhibits Plaintiff’s cause of action on its allegations of patent infringement; it merely transfers the action with no determinations as to the merits of the allegations.”