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The central bank has vowed stronger macroeconomic policy adjustments, as well as better fiscal, monetary, and employment policy coordination and implementation to counter the impact of COVID-19 on economic growth.

The central government will stop approving property development plans based on land reclamation and will prohibit all reclamation activities unless they pertain to national key infrastructure, public welfare or national defense, he said, adding that local authorities will no longer have the power to approve reclamation projects.

The central government has established 12 pilot FTZs nationwide, where reform measures such as streamlined business registration and easier access to administrative services are tested before being promoted nationwide.

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The chairpersons' meeting suggested that the 18th session of the 13th NPC Standing Committee review a work report by the NPC Standing Committee, which is to be submitted for deliberation to the annual session of the 13th NPC later this month.

The center, to be based at UNEP headquarters in Kenya, is expected to be a platform where green practices are promoted and the partnership between China and African countries, private sectors, research institutions and intergovernmental organizations are strengthened.

The change in strategy comes in the wake of the labor market's increased need for candidates at all levels.

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The central government will take more steps to improve data quality and speed up the legislation process as part of its efforts to create a nationwide social credit system, officials said.

The central government has issued a series of successive favorable policies for Hong Kong in the past five years, creating real development opportunities and broad space for its development.

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The challenge for the global economy, however, is to avoid a recession. There are fears that the often weak but nonetheless sustained recovery from the depths of the 2008 global financial crisis has now run its course and a correction is inevitable.

The central bank's vice-governor warned that China's monetary policy should prevent excessive money issuance that may lead to several "bad results". In the meantime, it should remain flexible, taking "countercyclical" measures to support economic development.