The concept of new economy, which refers to the application and development of information technology in industrial fields, was first advanced in the US. Nowadays it refers to a new economic form that is supported by new technology and new industrial revolution.
The contract will enable China to develop its own benchmark for oil pricing in addition to current global benchmarks.
The country also handled 3.1 million flights, a year-on-year drop of about 63.8 percent, according to the Civil Aviation Administration of China.
The country had formidable international reach because of an outsized banking sector. However, the banking sector collapse finally brought down the country's economy.
The country will suspend or delay 150 gW of coal-fired power projects and cut more than 20 gW of outdated coal-fired power capacity by 2020. Coal's share in China's total power mix will be capped at 55 percent by 2020, 7 percentage points lower than that in 2016, according to Xinhua.
The concerns have been fueled by a recent call by Demosisto, a local political party, along with several student groups, for all of the city's secondary school students to skip class beginning Monday, without providing a more specific time frame.
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The consensus was reached during talks between Chinese President Xi Jinping and President Abdulla Yameen Abdul Gayoom of the Maldives, held at the Great Hall of the People in central Beijing.
The country has already made great progress in accelerating economic reforms and pushing for a sustainable model of economic growth.
The conundrum was soon solved with residents from Hong Kong, Macao and Taiwan being allowed to apply for residence permits on the mainland if they've lived, worked or studied there for more than six months. The new permit, which grants them the same rights and treatment as those of mainland residents in the use of public services, saves Cheng and others like him the hassle of queuing up at the counter.
The counties that form the Xiongan New Area in Hebei province have shut down thousands of polluting companies since the move to create the area was announced in April.