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The fresh round was led by private equity firm Yunfeng Capital. TAL education group, a leading Chinese education company, was among the investors.

The government of the Yang-ling Demonstration Zone, a city in Shaanxi, has formulated measures to spur startups, including setting up a 15,000-square-meter Entrepreneurship and Innovation Space.

The funds will be used to accelerate Alipay's globalization and develop technology to better deliver inclusive financial services to consumers and small enterprises globally, Ant Financial said in a statement.

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The gap between those who own property and those who don't in the world's least-affordable property market continues to widen, said Wong, who is also head of Public Policy Institute of the foundation.

The foundation has raised over 5.85 billion yuan (1 million) in cash and in kind as of the end of 2018. [Photo/VCG]

The frugality code requires officials to strictly practice frugality and clean up undesirable work styles.

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The government will attach more importance to analyzing capital market performance and help form a positive expectation over market development, Chinese Vice-Premier Liu He said on Monday.

The goods that help build China's trade surplus are mainly household appliances, mobile phones, textiles, clothes and toys, none of which contain many high technologies. But they do reflect an intertwined trade relationship between the two countries against the backdrop of globalization.

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The fund is also looking at boosting its direct investments, including infrastructure and property projects in the US.

The government authorities said a number of companies are finalizing leasing contracts and will move into the buildings by May.