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The company plans to spend 60 billion yuan to purchase financial non-performing capital and 48 billion yuan for non-financial bad assets, respectively.

The company, founded in 1992 by Mick Rath in the West Yorkshire village of Honley, is looking to boost its export business and has set its sights on China.

The company will strengthen its global supply chains and increase investment in Thailand, Egypt and Brazil. In April, Midea began to build an air conditioner factory in Thailand. It is also preparing to build a manufacturing base in Egypt, its 18th overseas.

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The company, which runs the majority of the nation's electricity distribution networks, had landed ultra high-voltage electricity transmission projects in Brazil.

The company's main focus in China will be to grow the go-to-market team, aiming to be No 1 in every segment that it participates.

The company hopes to sell some 15,000 vehicles of all its brands by the end of the year, said Alfonso.

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The company made the statement during a briefing on preventing COVID-19 and the resumption of work in Guangdong province that local authorities held on Wednesday.

The compensation amounts in civil disputes were also elevated to new heights, the white paper said.

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The company pledged 10 billion yuan (.51 billion) in December 2017 to combat poverty in China over the next five years.

The company's building technologies and solutions business has more than 5,000 employees in China. It operates 39 offices and three manufacturing centers throughout the country.