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The group has expressed its determination to take root in China and actively participate in the financial opening up, he said. To that end, it established the first wholly-owned subsidiary in Pudong district of Shanghai in 2017.

The growth of retail sales will decline to around 8.9 percent next year; in order to maintain the consumption, the government needs to announce more policies to loosen consumption, Zhang said.

The government's Dec 22 announcement of interim special individual income tax deductions took effect on Jan 1, with the goal of lowering the tax burden of people with certain expenditures.

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The government's next step is to extend the subsidy to individual users, Lam said.

The growth marks a strong pick up from 22.8 percent in the first three quarters. In October alone, profits of major industrial firms rose 25.1 percent year-on-year, slowing down from 27.7 percent in September.

The hearings, which will be televised, are about an allegation of quid pro quo: the release of nearly 0 million in aid to Ukraine being made contingent on the country publicly declaring it would carry out politically motivated investigations that Trump had demanded of former vice-president Joe Biden and his son Hunter.

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The government will support high-quality private enterprises to take leading roles in helping structural transformation, issuing debt bonds to ease funding pressure. [Photo/IC]

The growth in property price inflation, especially in some tier-2 cities, has also slowed the monetary policy easing to some extent. Local authorities in cities like Shenzhen and Ningbo have maintained strict control on property sales to keep prices in check and prevent potential property bubbles, said the experts.

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The governor also urged New Yorkers to stay on high alert. A video posted online showing an outdoor party outside a bar with hundreds of people without masks in Queens Friday night has made Cuomo threaten to roll back the reopening.

The group chaired by Cheung will help the Hong Kong Special Administrative Region government take "more decisive measures" to put an end to the escalating violence, the city's No 2 official pledged at a press conference. This comes as the city endured its fifth consecutive day of violence and vandalism to the city's transportation systems and campuses.