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The free testing, he added, is also a move to reassure mainland cities and neighboring countries and regions that the Hong Kong government is doing its best to ensure the city is relatively free of COVID-19, so that travel restrictions may be loosened more easily.

The government funds seek to guide market investors, not to provide majority State funding. According to Chen Shaozhi, a senior journalist who heads the Made in China 2025 team at Xinhua News Agency's Economy and Nation Weekly: "The government may lead the industrialization fund, but it is very commercialized. The government puts in a little money. Then the banks, investment companies and venture capital funds all can invest together.

The four-day CES 2018 has come to an end in Las Vegas.

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The government also supports central SOEs being listed on the Hong Kong Stock Exchange, Peng added.

The global 5G market is progressing rapidly, he added. By the end of February, about 359 telecom operators in the world have invested into 5G, data from the Global mobile Suppliers Association (GSA) showed.

The government is trying to cool runaway housing prices in major cities where huge demand and limited supply have pushed prices to record high.

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The government aims to lift over 10 million people out of poverty this year, including relocating 2.8 million people from inhospitable areas, and China is aiming to eliminate poverty by 2020 in a bid to create a "moderately prosperous society."

The government will encourage social capital to invest in building nurseries, set up full-time nurseries and temporary childcare centers in communities and explore a system to cover medical costs from pregnancy to delivery.

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The fund raised will mainly be used for research and development of products, services and technology, building sales channels and manufacturing facilities as well as the roll-out of its supply chain, according to its filing.

The fourth phase of the Yangshan Deep-Water Port in Shanghai, the world's largest automated cargo terminal, was working on Tuesday.