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The credit rating agency announced that it was cutting China's long-term local currency and foreign currency issuer ratings by one notch from Aa3 to A1, citing the expectation that China's financial strength would erode due to rising economy-wide debt.

The country's manufacturing purchasing managers' index (PMI) came in at 51.7 in June, up from 51.2 in May, said the National Bureau of Statistics (NBS).

The country's exports grew 6.1 percent year on year in the first eight months of the year, while imports edged up 0.8 percent, leading to a trade surplus of 1.77 trillion yuan, widening 46 percent during the period.

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The deal still awaits approval from other US, Chinese and international regulators.

The current cost of a COE for an average family car is almost Sg,000, pushing the price of a Toyota Corolla to Sg4,000(,000).

The crowd attends a memorial service on the anniversary of the shooting which claimed 17 lives at Marjory Stoneman Douglas High School in Parkland, Florida, on Thursday. [Photo/Agencies]

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The couple were released on 5,000 yuan bail, pending further investigation.

The cross-border logistics public service system is expected play its part in aiding the restoration of the global supply chain.

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The country's manufacturing purchasing managers' index stood at 51 in August, above the 50-point mark that separates monthly growth from contraction. The sub-index for new orders stood at 52, marking the fourth consecutive month of growth, indicating the continuous recovery of market demand.

The deal for GLM follows a series of global electric vehicle investments for Chinese firms.