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The regulatory commission is guided by three overriding principles in granting licenses.

The report said there is a risk of a broad global recession leading to demand-driven contraction, which could lead to a more prolonged L-shaped recovery path for China. However, China's reliance on exports is much reduced relative to the time of the global financial crisis of 2008-09. The share of exports to GDP has fallen significantly since that crisis.

The report also said the SAR has been hindered by a shortage of research talents. According to The Global Innovation Index 2019, Hong Kong has about 3,400 researchers per million people – lower than that of other economies like Singapore, whose ratio almost doubles that of Hong Kong at 6,730. Israel tops the list with 8,251 researchers.

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The relations between the United States and the DPRK improved last year. Trump and Kim had their first summit in Singapore in June. However, differences between the two sides remain over key issues including the scale of denuclearization, US sanctions and whether to issue a war-ending declaration.

The region vowed to build Xinjiang into a popular destination for tourists from home and abroad.

The report said the government does not need to keep a close eye on the currency on a daily basis.

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The report by the Centre for Economics and Business Research in London sees India leapfrogging the UK and France next year to become the world's fifth-biggest economy in dollar terms. It will advance to third place by 2027, moving ahead of Germany.

The report said education and training for Party members were improved last year. The number of Party members who received training last year increased by 24.3 percent fromthe previous year.

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The regulation on bettering the business environment, which is scheduled to be implemented on Jan 1 next year, draws upon China's successful practices and experience in recent years in transforming government functions and improving the business environment.

The report quoted Pittenger as saying that some "clarifications" are being considered to prevent businesses from being inadvertently affected, but added that the bill would still meet its goal of protecting US national security.