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The expo's organizing committee will also sign cooperation agreements with the economies participating in Chinese training programs, with 15 business associations from different countries.

The falling demand has also crimped revenue of carriers. Singapore Airlines said it has taken multiple measures to cut costs, such as delaying deliveries of new aircraft and cutting salaries of executives.

The event, which will run till Sept 20, is jointly organized by 10 government agencies, including the Cyberspace Administration of China, the Ministry of Public Security and the Ministry of Education.

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The events are to celebrate the 70th anniversary of the founding of the People's Republic of China, according to a circular jointly released by the Publicity Department of the Communist Party of China Central Committee, the Ministry of Education and the Central Committee of the Communist Youth League.

The export volume dropped 8.5 percent year-on-year to 1.82 trillion yuan in H1, while the import volume contracted 5 percent to 1.24 trillion yuan.

The financial sector led Monday's rally. A-share-listed insurance companies saw their prices rise by 9.49 percent on average, almost reaching the daily limit of 10 percent. Prices of listed commercial banks' securities firms also spiked over 9 percent on average.

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The film also stars actors Yuan Hong, Li Jiuxiao and actress Wu Yufang.

The festival is part of the Phoenix Chinese Week which has a series of cultural, social and educational events highlighting the diverse culture of China.

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The festival, which will last till July 15, is part of the municipal commission of commerce's effort to boost consumption as the novel coronavirus outbreak has been largely contained in Shanghai.

The film features a lot of action sequences and was shot in Hong Kong, Canada and Thailand.