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Yet after VAT was introduced on goods in 2008, businesses began to complain that the levy on services was a kind of double tax.

Yu Lingqu, a researcher from the Finance and Modern Industry Research Center at Shenzhen-based think tank China Development Institute, said corporate restructuring of BYD will promote innovation of the company and make it more flexible.

Yin Gefei, a corporate social responsibility expert, said the favorable policies rolled out by State Grid Beijing Electric Power focus on customer experience and aim to improve the local business environment.

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Yu, of the internet society, urged the government to devise systems to manage the problem.

Yi Gang, governor of the People's Bank of China, the central bank, reportedly met Mnuchin in Washington last week during the IMF/World Bank annual spring meeting.

Yue made the comments while having annual meetings with the mainland financial regulators on Dec 17, 21 and 22, which were held via video conference this year owing to the COVID-19 situation.

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Yu said it will be more difficult to stimulate consumption as households will be anxious to replenish savings they depleted during the restrictions imposed to curb the spread of the COVID-19 pandemic.

Yu, 41, had wounds that were not life-threatening, according to a report online by the Kunshan police. Yu was detained.

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Yin suggested that leading manufacturers that make consumer products related to the property industry, like home furnishings, bathroom vanities and household textiles, are likely to show more growth this year.

Yu was recruited to come up with draft security market regulations.