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Reforms to streamline administration and improve compliance oversight and services must be further deepened to reduce the burden on researchers so that they can focus more on their work, he added.

Recently, Trump's economic advisory team also reached a consensus to offer more power to the committee on foreign investment through the legislation to tackle the so-called unfair trade and investment behavior of China.

Regarding China's investment environment, Gao said the nation is still an ideal destination for investors from various countries, including the United States.

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Reform measures to boost innovation have been piloted in eight Chinese cities and regions including the Beijing-Tianjin-Hebei region, Shanghai and Guangdong. The first 13 policy measures from the pilot program were rolled out nationwide last year.

Recognizing that the world's conventional energy industry is accelerating transition, we should promote a revolution in energy production and consumption and build an energy sector that is clean, low-carbon, safe and efficient, he said.

Ran Saiguang, a law professor at National Police University for Criminal Justice, said many gangs have set up companies to conduct illegal activities while concealing their true nature. They typically bribe grassroots officials to get protection.

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Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, told CNBC in a recent interview that he foresees a “dollar crisis” in two years when the US currency will depreciate by as much as 30 percent resulting from the Federal Reserve’s need to print more money to make up for the deficit, pay pensions and meet healthcare obligations.

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Ratcliffee sits on four standing committees of the House that respectively oversees intelligence, judiciary, homeland security and ethics issues.

Referring to the latest advocation of China threat in the West, Kennedy said that it could be a "too colorful" portrayal which failed to understand China's worries and weaknesses.