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US President Donald Trump arrives at the World Economic Forum (WEF) in Davos, Switzerland, on Jan 25, 2018. [Photo/Xinhua]

Ugarte said CAF and China have built "an effective partnership to support the exchange of best practices as well as trade and investment in key sectors of development".

US economic activity in the first quarter contracted at an annual rate of 4.8 percent amid the COVID-19 impact, the biggest decline since the Great Recession, the US Commerce Department reported Wednesday.

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US President Donald Trump participates in a Cabinet meeting on the administration's coronavirus disease (COVID-19) outbreak response in the East Room at the White House in Washington, US, May 19, 2020. [Photo/Agencies]

US Vice President Mike Pence said that "tens of thousands" of COVID-19 tests are being performed every day across the country.

US chip giant Qualcomm will present its frontier technologies in 5G, artificial intelligence and internet of things at the expo. Zhao Bin, senior vice-president of Qualcomm, said the company is dedicated to tapping the Chinese market and values the opportunity to participate in the expo.

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US Senate on Thursday failed to advance a slimmed-down Republican COVID-19 relief proposal, as lawmakers remain deadlocked over the size and scope of the much needed stimulus bill.

US Attorney General William Barr. [Photo/Agencies]

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US-based strategic advisory services provider Ries said China is playing an increasingly vital role in the global economy, and they are dedicated tohelping Chinese companies position their brands in consumers' minds and gaining an edge in global competition.

US President Donald Trump has said he wants to provide about billion in aid for US farmers whose products have been hit by Chinese tariffs.