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The municipality also promised to add 30 billion yuan worth of guaranteed loan for SMEs. Among them, 90 percent will ne given to credit-based loan issuance to ease the burden of SMEs, which typically lack collateral necessary for traditional obtaining loans.

The move continues the Seattle-based company’s pattern of buying companies that differ from itself, either culturally or in their business model. Past examples include online shoe specialist Zappos and?daily deal site Woot.com, both of which have also continued as standalone sites.

The naan industry in Xinjiang has boomed over the last two years, said Nurmamat Tuniyaz, deputy secretary of the Communist Party of China leading group with Xinjiang Autonomous Regional Department of Agriculture and Rural Affairs, while attending a naan fair in Kuqa County in December.

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The move is expected to drive down the real interest rates in the economy, as the new LPR will better reflect market rates, which had been trending down, the PBOC said.

The municipal government plans to gradually relocate some of its functions to Tongzhou, a move designed to develop the district as a new subcenter of Beijing and address issues like overcrowding and congestion in downtown areas.

The move is not only helping the province to make full use of its electricity generation capacity, thus reducing power loss, but boosting energy sales, thereby creating potential additional revenue.

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The movie is scheduled to premiere in North America on March 27 and the release date for the Chinese mainland has not been decided yet.

The municipal government has cut the quota for gas and diesel cars by more than half to 40,000, an attempt to control the growing number of cars on the road.

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The moves came as domestic financing by real estate developers shrank, following tightened market regulation aimed at curbing asset bubbles and preventing financial risks.

The move is designed to encourage innovative business models, said the finance ministry in a statement last week.