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The industry association estimated that auto sales will rebound in April as pent-up demand unleashes if the epidemic is effectively contained by then.

The improvement also comes on the heels of a tweak to the formula used to calculate the renminbi central parity rate, announced last Friday by China Foreign Exchange Trade System. The new formula allows a dealer to incorporate a "counter cyclical factor" into the existing formula to hedge against fluctuation in market sentiment.

The interest rate of new loans issued by the bank in the first half to micro and small enterprises with a total credit line of up to 10 million yuan per borrower fell 37 basis points from last year to 4.15 percent.

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The index for overall loan demand rose to 66 in Q1 from 65.4 in the last quarter, according to a People's Bank of China (PBOC) survey of bankers.

The interior of a 5G laboratory is seen in Beijing on Dec 1, 2019. [Photo/VCG]

The hotel was purchased in 2015 for .95 billion and has been painstakingly transformed and will feature 375 condos and 375 hotel rooms. The outside of the building has landmark designation, but it too has been updated.

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The institute said it has recorded more than a dozen aftershocks since the initial quake struck.

The installed capacity for wind power and solar power reached 146 million kW and 153 kW respectively, up 13 percent and 33 percent year-on-year.

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The hotel's collapse has been identified as a construction accident as the building had been illegally renovated several times, Shang Yong, deputy head of the Ministry of Emergency Management, said in a news briefing on Tuesday.

The independent candidate, Ko Wen-je, won the election of Taipei mayor with about 3,200 more votes than Ting Shou-chung, a candidate from the Kuomintang. Ting filed a lawsuit to challenge the validity of the election in the early hours of Sunday.