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Liu Yi, a professor at the School of Economics in Peking University, said: "A wave of tax reduction competition is likely to emerge among the world's major economies over the long term if the US president can finally sign the bill. Governments' expenditures on welfare could be reduced, and that may drag down the level living standards of social livelihood."

Liu said the team's timely response to several natural disasters and accidents since last year demonstrated that the reform is headed in the right direction. But he added the task ahead remains arduous.

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Lissovolik noted that "BRICS Plus" countries should form an alliance in key international organizations, including the WTO, in order to defend their interests and negotiate with developed countries on liberalization in trade and investment spheres.

Liu said the mounted monorail system is suitable for passenger transport in scenery areas, mountainous regions and urban areas where road traffic is heavy.

Liu Shiquan, general manager of CASIC, said at the opening ceremony of the 2019 Smart Industries Summit that opened in Wuxi, Jiangsu province, on Tuesday that his company is taking advantage of its expertise and experience in space programs and equipment manufacturing to develop smart industries such as smart transportation and smart environmental protection.

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Liu Ligang, managing director and chief China economist of Citigroup, said in an interview: "We have seen preliminarily the efforts made by the central bank, regulators and local governments at the previous stage. Figures for March may further prove that the transmission mechanism of China's monetary policy becomes effective gradually. If the economy further stabilizes and trade friction between the US and China declines significantly, a virtuous circle will be created over time."

Liu Liehong, deputy director of the Cyberspace Administration of China, made the announcement at a press conference of the State Council Information Office.

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Liu Qiangdong, founder and chief executive of JD, said his company will launch its first European e-commerce platform and delivery services in France, with plans to roll out to the United Kingdom and Germany.

Liu Jiansen, vice-president of Xuzhou Construction Machinery Group, said the company's exports to other economies involved in the BRI accounted for 70 percent of the total shipments.