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The regulation, which covers all cars produced or sold on the Chinese mainland, stipulates that producers must recall any defective vehicle. China's top quality supervision authority is also empowered to order a recall.

The regulation also asks all authorities to perform their duties and improve regulation efficiency in the investigation and punishment of unregistered businesses.

The report added that China saw over 145 million inbound tourist trips in 2019, and its annual tourism revenue topped 6.63 trillion yuan.

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The report issued by UK health insurance provider Bupa Global was based on a survey that collected feedback from 1,031 senior executives in China's first-and second-tier cities. They include business owners, company presidents, senior management members and other company officers at the director level or higher.

The report collected statistics released by 282 cities that have published their economic semi-annual reports as of Monday. Hong Kong and Macao special administrative regions and Taiwan were not involved in the statistical analysis.

The report added that Watches, Clocks and Jewelry accounted for 21.1 percent of the total retail sales, followed by Goods in Department Stores (15.8 percent), Leather Goods (13.4 percent) and Adults' Clothing (12.4 percent).

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The report identifies several downside risks that could trigger a sharper or more prolonged growth slowdown, potentially inflicting significant damage on development progress. Those risks include a further escalation in trade tensions, a sudden deterioration in financial conditions, and the accelerating effects of climate change.

The report said Paik told Kwon to reconsider the decision during a meeting with senior executives from South Korea's chip and electronics industry on Monday. Paik also asked Kwon to set up more factories in South Korea.

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The remarks came in an annual report of the LegCo Commission, reported by several local media on Thursday.

The regulator has issued draft rules for the regulation of insurers' asset and liability and it is soliciting industry opinions. The new regulation will be officially issued and implemented next year.