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The rapid pace of technological advancement and adoption, driven by an increasingly influential and digitally savvy customer, is having a transformative effect on banking in China – from payments and retail banking to wealth management and corporate banking, an industry expert said.

The raging forest fire in Xichang, which started at about 4 pm on Monday in Jingjiu township, killed 18 firefighters and a local guide and injured three other firefighters.

The purpose of reviewing the manifesto is to understand and grasp the power of the truth of Marxism and write a new chapter of socialism with Chinese characteristics in the new era, Xi said.

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The proposed national regulation on the operation of financial holding groups is expected to reduce cross-sector risk contagion and help trim the excess flab of highly-leveraged financial giants, according to local media reports.

The refinery is involved in the refining and manufacturing of petroleum products, and provides employment for more than 500 individuals comprising of staff and contractors.

The recipients include the Inner Mongolia autonomous region, and the provinces of Jiangsu, Anhui, Fujian, Jiangxi and Shandong.

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The protracted global trade tensions and the fear for a recession in the US economy were cited by survey respondents as the main concerns, according to the report.

The refinery would lower the prices of petroleum products in Nigeria and save some costs on importation, when completed.

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The punishments came as China's regulators tightened regulations in recent years to fend off financial risks in the world's second-biggest insurance market.

The reform should also give better play to the role of the Party's functionary department, set up Party and government institutions with integrated plans, and advance reform of the Party's disciplinary inspection and the country's supervisory systems.