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Fu Pingjiang, head of the China Banking and Insurance Regulatory Commission's Hainan office, said the regulator will push for capability improvements in the banking and insurance sectors in Hainan province to serve construction of the Hainan free trade port.

Fu said the country will accelerate construction of a system for the extraterritorial application of laws this year to better apply Chinese laws to conduct that takes place outside its territory.

Gao's appointment is also posted on the university's website.

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Gao said China has advantages in other industries as well, such as agriculture, which is in need of industrialization and modernization, and healthcare, which will undergo market reform sooner or later.

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From there, we dive into a Bloomberg study that determined Washington to be the most innovative state in the country, thanks in part to the presence of Amazon and Microsoft, but also based on productivity rates, patent holdings and the number of science and tech graduates as a percentage of the population.

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Gao noted Chinese seniors' preferences for home-based care services, which entail support from the residential communities the seniors live in.

Gabor recalled the great opportunities China has already brought to Merck, a Germany-based healthcare company operating in over 140 countries, and said it has been a wonderful experience to invest in China.

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Gao Feng, spokesman of the Ministry of Commerce, said the country's trade surplus with the US is "complementary" from the perspective of the global value chain.

Funan county in East China's Anhui province has been embattled with seasonal floods this summer as torrential rains have been battering the Huaihe River drainage area.