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Ma Jun, director of the Institute for Public and Environmental Affairs, added that the guideline comes at the right time.

Malpass said that the pandemic has triggered the "deepest global recession in decades," and what may turn out to be "one of the most unequal" in terms of impact.

Major political parties in Hong Kong, including the Democratic Alliance for the Betterment and Progress of Hong Kong, the Federation of Trade Unions and the Young DAB, on Tuesday threw their weight behind the new national security law for the special administrative region.

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Making a foray into Guangzhou's commercial property market in 1989, the Guangzhou branch of Taiwan's KP Group launched its property management company amid heated competition in the property market five years ago, said general manager Warren Chang.

Ma Si in Beijing and Reuters contributed to this story.

Maintaining a positive outlook on the Chinese insurance market, foreign investors approve of China's push to further open up its financial sector, said Xing Wei, president of the Insurance Association of China.

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Ma Jun, a member of the PBOC monetary policy committee, said the rate cut indicated the country's monetary policy has stepped into a stage with stronger counter-cyclical measures.

Macao has achieved great success since its return to the motherland two decades ago, and the people have confidence in their future, thanks to support from the nation, said Chui Sai-on, chief executive of the special administrative region.

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Major foreign automotive manufacturers have been witnessing a steady recovery in vehicle sales in China, even as car brands around the world saw their business performance taking a severe hit due to the COVID-19 pandemic, People's Daily reported.

Ma Xiaoguang, spokesman for the Taiwan Affairs Office of the State Council, said on Tuesday that the US should immediately cancel its arms deal to Taiwan and "stop sending wrong signals to the separatist forces of Taiwan independence".