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In such a scenario, projects on public housing, for instance, would have to be delayed for at least four months, until late October, Chan said.

In recent years, sales of overseas wines have been rising in the Chinese market. At the moment, Australian wine plays an important role in the Chinese market.

In terms of the regional M&A targets, Commerzbank highlights an emerging distinction between technology-focused acquisitions in Europe - such as ChemChina's acquisition of Pirelli, and power and infrastructure projects in Central and South East Asia and Africa.

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In recent years, China has been making an effort to transform its manufacturing sector from low-end to high-end producers.

In response, Trump later said: "That's a very racist statement. I'm surprised she'd say that."

In recent years, the local government has made significant investments in high-tech industries, including information technology, biotechnology, new materials and high-end equipment manufacturing. This has led to the city attracting technology startups and well-known high-tech companies such as Huawei Technologies Co, Tencent Holdings and artificial intelligence companies iFlytek and Megvii.

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In recent weeks, Prime Minister Scott Morrison has said he will not ban the Chinese social platform WeChat, which has around 800,000 users in Australia, or the video-sharing app TikTok, which has 1.6 million subscribers in Australia.

In response to US tariffs on imported steel and aluminum, China responded on March 23 with its own list of American products it would tax.

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In terms of macro adjustments to combat short-term economic challenges, the world's second-largest economy still has room for monetary policy expansion, Zhou Xiaochuan, former governor of China's central bank, said at a separate panel of the forum on Thursday.

In terms of industrial transformation, Zhou said the city is accelerating the green transformation of industrial, energy and transportation structures. They are also focusing on building an advanced manufacturing system and a modern service system. They are also stepping up efforts to make breakthroughs in industrial transformation.