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The industry's structure has continuously improved, the ministry said. The growth of fulfilled contract value in testing, e-commerce platforms and other productive service outsourcing exceeded 40 percent year-on-year.

The intense, high-profile bake off among major cities for one of the world’s largest employers also brought criticism.

The hybrid funds will mainly invest in the Chinese Depository Receipts of unicorn companies listed in overseas markets, newly listed unicorn companies, treasury bonds, local treasury bonds and AAA-rated corporate debt. The lock-in period of the fund is three years and it would be listed as an open-ended fund, which means investors can also transfer their shares at the bourses.

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The international community expects the world's second-largest economy to be an anchor amid hard-hit global growth, while China's top leadership has also vowed to contribute to global economic stability.

The indictment is also bound to ratchet up tensions with Washington as the spread of the coronavirus threatens Venezuela's health system. Maduro has ordered Venezuelans to stay home in an effort to curb the spread of the virus, which officials say has infected 107 people and claimed its first death on Thursday.

The intellectual property system is to protect innovation outcomes, ensure fair competition and promote technology transfers so that the innovation achievements could be shared by humanity, Zhang said.

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The increase is part of preparations to absorb the anticipated inflow of foreign capital into China's A-share market after its inclusion in the MSCI emerging markets index in June.

The institutions had combined assets of 248.6 trillion yuan (.9 trillion) as of the end of April, up 7.2 percent year-on-year, the data show.

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The incubator has recently set up an industrial cluster and IoV research institute in Gu'an county in the city of Langfang in Hebei province, hoping to turning the region into an IoV industry hub.

The increase in applications is one indicator of an economic rebound following the government-ordered economic shutdown to curb spread of the coronavirus.