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The clearing services provider has lagged behind Alipay and WeChat Pay since the surge of mobile payments in 2014, but may catch up with those competitors by encouraging the use of UnionPay quick response code (QR code) payment and QuickPass, a form of near-field communication (NFC) payment.

The committee will maintain a prudent monetary policy while keeping it more flexible and appropriate, and attach greater significance to supporting the resumption of the development of the real economy.

The company called the measure "a major boon to the Chinese gaming industry".

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The company has four manufacturing sites in China. The one in Wuxi, Jiangsu province, produces products based on semiconductor technologies. Its size will be doubled by the year-end.

The combination of supply-side structural reform with demand-side management is a crucial part of China's new dual-circulation development pattern, and expanding domestic demand is the strategic basis of demand-side management, as we can see from the analysis made by Vice-Premier Liu He in an article published in People's Daily on Nov 25.

The company cited several reasons for the slump, including uncertainty surrounding the UK's exit from the European Union, weak demand for diesel engines, and a major slump in Chinese car sales.

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The companies said they would stop inappropriate acts and cooperate with the government to restore market order.

The commission will step up the effort to dispose of nonperforming loans through multiple measures, handle high-risk financial institutions prudently and appropriately, keep dismantling shadow banking, promote the smooth and healthy development of the housing market, carry forward the regulation of peer-to-peer lending activities, and improve corporate governance of banking and insurance institutions, especially by tightening regulation of equity management of small and medium-sized financial institutions, he said at a news conference held by the State Council Information Office.

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The comments came after the State-owned Assets Supervision and Administration Commission said that the total net profit of China's central SOEs dropped by 58.8 percent on a yearly basis to 130.4 billion yuan (.44 billion) during the first three months of this year, while the total operating revenue fell 11.8 percent on a yearly basis to 6 trillion yuan in the same period.

The cleanup work on the north slope started in 1997. But this year's efforts have reached a higher altitude than past efforts.