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The central government had warned that it would scale down the subsidies and phase them out all by the end of 2020, without offering details.

The charity program China Hearts sends medical professionals and volunteers to Nyingchi, a remote and underdeveloped area in the Tibet autonomous region. Doctors from Beijing offer free clinic services and medicine to local Tibetans. [Photo by Liu Xiangrui/China Daily]

The central bank-affiliated newspaper, the Financial News, said in a report at the end of May that the central bank would inject funds via the MLF in early June to ease concerns about liquidity conditions in the market.

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The central bank noted that the effects of the coronavirus will "weigh on" US economic activity in the near term and pose risks to the economic outlook. Therefore, the Federal Open Market Committee (FOMC), the Fed's policy-making committee, decided to lower the target range for the federal funds rate to 0-0.25 percent.

The center said it also plans to promote the establishment of a special fund that aims to compensate investors when defendants in class action lawsuits could not fully pay the penalties.

The city of Redmond, Wash., where Microsoft is also located, is at the center of this space race. SpaceX’s facilities in Redmond are playing a key role in building the Starlink satellite internet program. SpaceX aims to put 12,000 satellites into orbit and has already conducted a couple?launches, including one last month that sent 60 satellites into orbit. The company could start offering limited Starlink service as early as next year.

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The central bank's new embrace of patience and flexibility reflects its calming response since the start of the year to slow growth at home and abroad, a nervous stock market and persistently mild inflation. The Fed executed an abrupt pivot when it met in January by signaling that it no longer expected to raise rates anytime soon.

The central bank's move was to coordinate with the local government bond issuance, to prevent liquidity tightening when the bond sales rise in January, said Wen Bin, chief economist with China Minsheng Bank.

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The change came as authorities have to juggle the task of financial deleveraging, which is aimed at defusing risk and curbing asset bubbles, while shoring up a slowing economy.

The central government has the power and responsibility to take all necessary measures to safeguard national security, he said.