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The executive directors also commended China's increased focus on reducing financial stability risks, noting that "corporate debt is growing more slowly, reflecting restructuring initiatives and overcapacity reduction." They called for continued strengthening of regulatory and supervisory efforts.

The festival also will showcase traditional dances and arts, including a martial arts show, lion dance and face-changing.

The expansion of infrastructure investment and consumption will be the focus of the package and will help create key market outperformers in May in sectors such as 5G, chemicals, machinery and automobile, analysts said.

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The expo and forum themes were "cultural prosperity and mutual benefits ".

The existence of the letter and some details of its contents became public in recent days, however.

The examination result showed that these goods were used and seriously worn steel rope core conveyor belts, which do not conform to the relevant technical standards of China, cannot be used for moving objects and are classified as imported solid waste, which has been banned in the country.

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The fairly new business has grown rapidly,?racking?up 3 million in revenue during the first quarter of this year alone.

The figure brought the total sales in the first four months of this year to 5.67 million, down 32.1 percent year on year.

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The financial industry's expansion, coupled with credit easing to bolster growth, has led to rising systemic risks, capital speculation and a surge of shadow banking, existing sometimes in a regulatory void.

The explosion probably lasted only a few minutes, and the ash accumulations were minimal, with trace amounts expected near the volcano and in the town named Volcano, said Mike Poland, a geophysicist with the US Geological Survey.