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The instrument has been revised to cover more possible challenges facing the industry, according to He Xiaofeng, director of the Development and Reform Department of the China Insurance Regulatory Commission (CIRC).

The incident, which took place on Thursday morning, involved the oil tanker and another vessel transporting ship and rocks. The tanker caught fire while the latter sunk.

The huge investment and the improved traffic flow have contributed a lot to the economic growth of Tibet. In the past five years, the region's GDP grew by an average 11 percent. It also outperformed all other provincial regions in the first half of this year with year-on-year growth of 10.8 percent.

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The imports of knowledge-intensive services totaled 541.04 billion yuan in the first seven months, up 8 percent year-on-year, accounting for 35.3 percent of total services imports, up 10.1 percentage points year-on-year.

The initiative "was a costly, flawed scheme that will waste billions of California taxpayer dollars, create chaos in public services including safeguarding our environment", Howard Penn said in a statement. "It would have dismantled the world's fifth biggest economy without solving a single challenge facing Californians today."

The import and export value of cross-border e-commerce in the province reached 640 million yuan (.7 million), 13.3 times higher than the number for the same period last year, according to the Kunming customs.

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The injured have been sent to hospital for medical treatment. The country's Ministry of Emergency Management and the municipal government of Benxi have dispatched rescue teams to the site.

The independent economist noted that China's approach showed that industrialization is deliberate and conscious."A mixed model is preferable where the government makes direct efforts to shore up infrastructure and create a more conducive environment by implementing taxes and incentives to encourage both the domestic and foreign investments. This is unlike the Washington Consensus that advocates for a hands-off market approach," Were added.

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The initiative forecasts that by 2020, the total scale of healthcare-related sectors in China will exceed 8 trillion yuan (.27 trillion).

The increase is 0.5 percentage points higher than the targeted growth, partly driven by strong efforts to boost the use of new technology at traditional enterprises, Miao Wei, minister of industry and information technology, said on Monday.