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The construction of the Hainan free trade port "will not bring shocks to Hong Kong," said Lin, adding that the island province will focus on developing tourism, modern services, and high-tech industries.

The contentious relationship between both countries has cast doubt and prompted a "wait and see" attitude from Chinese executives and investors who have visions of taking their companies public on Nasdaq or the New York Stock Exchange.

The country had 140,000 nursing homes holding a total of more than 7.3 million beds at the end of 2016, with a year-on-year increase of 20.7 percent and 8.6 percent respectively. However, there are only 31.6 beds for every 1,000 senior citizens.

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The country should comprehensively improve monitoring, evaluation, alerts and handling of safety risks to uphold the rights and interests of consumers, the 37th meeting of the Central Leading Group for Deepening Overall Reform said in an official release.

The country should adhere to stable development this year as it pursues progress, and should coordinate endeavors to boost economic growth and restructuring, push forward reforms, improve people's livelihoods and guard against risks, Li said.

The country has also seen fast inflow of foreign direct investment (FDI), keeping the crown of the developing economy with the biggest FDI inflow for 27 straight years, the report showed.

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The country will also resolutely deepen financial reforms including improving financial regulation coordination and shoring up weak links in supervision.

The country issued a new budget law in 2014 that forbids raising funds via local government financing vehicles. Instead, it allows the same only through bond issuances.

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The country will modestly raise its budget deficit ratio, issue special sovereign bonds, bolster the scale of local government special bonds and guide lending rates lower, the Political Bureau of the Communist Party of China Central Committee said in a statement after a meeting on Friday.

The country has established 19 intellectual property protection centers nationwide, aiming to provide more convenient and efficient channels at lower cost to safeguard rights and accelerate rights authorization and confirmation.