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The Chinese government places high importance on the development of national high-tech zones. Premier Li Keqiang set out clear requirements for national high-tech zones to play a leading role in pooling innovation resources.

The China Securities Regulatory Commission (CSRC) rejected six of seven initial public offering (IPO) applications Tuesday, making it the biggest single day of rejections this year.

The Chinese breakthrough comes after major US pharmaceutical firms Johnson & Johnson, Merck, Pfizer and Eli Lilly recently abandoned projects to develop a drug for Alzheimer's over safety issues. Over nearly 20 years, there have been 400 clinical trials and billions of US dollars spent trying to find a cure.

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The China SME Development Fund Co Ltd said the size of the fund is also expected to further expand to 100 billion yuan through setting up several sub-funds in partnership with private capital firms in the country.

The Cabinet statement said more work will be done to monitor and analyze commodity price fluctuations in the international market and to boost regulatory control capacities to deal with rising challenges.

The Chinese government has repeatedly stated that "housing is for living in, not speculation" and vowed continued efforts to ensure the healthy development of the property market.

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The Chinese mainland reported six confirmed COVID-19 infections over the course of Thursday, the lowest daily increase since the onset of the epidemic, and no further deaths caused by the disease occurred for the ninth straight day, as the latest data update from the National Health Commission shows.

The China Securities Regulatory Commission (CSRC) said New York-based asset management firm AllianceBernstein's application to set up a wholly foreign-owned mutual fund in China was accepted on Nov 12. It is the fifth foreign asset management company applying for such qualification since the limit on foreign ownership in mutual funds was removed in April.

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The China-Laos Railway, the China-Thailand Railway and a high-speed line linking Jakarta and Bandung in Indonesia, have all adopted Chinese rail standards and technologies, he said, adding that the projects will spur economic growth along the rail routes.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, fell 5.70 percent to close at 2,071.57 points.