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The contract for settlement in December 2020 closed 0.14 percent higher at 98.64 yuan. The contract for settlement in March 2021 closed 0.16 percent higher at 98.26 yuan.

The contract will enable China to develop its own benchmark for oil pricing in addition to current global benchmarks.

The country will also improve the rules governing overseas listed Chinese firms and work with foreign regulators to strengthen the crackdown on cross-border securities violations, the China Securities Regulatory Commission said in a statement on Friday.

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The country should establish long-term mechanisms and strengthen the "top-level design" to tackle relative poverty while accelerating its pace to introduce the guideline, connecting poverty alleviation efforts with rural vitalization strategies.

The country will see a slightly slower growth rate in its exports in 2018 due to the relatively higher base last year, Li said.

The country also increased financial support for orphans. The central government has raised the basic living allowances for orphans from eastern, central and western areas by 50 percent to 300 yuan, 450 yuan and 600 yuan per person each month, respectively.

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The country will take essential measures to uphold the legitimate rights and interests of its businesses, he said.

The country rolled out specific measures Friday in latest move to ease or lift foreign investment restrictions in its financial markets. For example, foreign businesses will be allowed to own up to 51 percent of shares in joint ventures in securities, funds or futures, and the cap will be phased out over three years.

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The country will also promote contracted family doctor services, which are provided by a group of doctors including general practitioners registered with grassroots health institutions, qualified doctors at township clinics and village doctors, Ma said.

The country will focus on offering support to the poverty relief in areas of extreme poverty and improving the development conditions in such areas.