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"Chinese tax system reform will continue to deepen this year, with more aggressive tax cut plans. But the key is to balance relationships between fiscal income and expenditure, as well as between the central and local governments," said Deng Liping, a professor from the school of economics at Xiamen University.

"China's vast majority of cultural and entertainment enterprises and talents, together with Activation's unique international vision and local expertise, will truly foster quality cultural enterprises in China and bring them to the global stage," said Zhang Saimei, general manager of SHIVC, during a signing ceremony last week.

"Conducting deep research on blockchain is the right thing for China to do to develop financial technology, as blockchain is an emerging technology that may become the future financial infrastructure," said Yao Qian, director-general of the Institute of Digital Money at the People's Bank of China.

"China strongly condemns and firmly opposes the US tariff proposals and is ready to take reciprocal measures on US products," the Ministry of Commerce said in Beijing shortly after the US announcement.

"China's fast growing 5G technology infrastructure, artificial intelligence, machine learning and digital related-business environment, as well as people's willingness to connect with various products via digital applications, are creating many opportunities, Michael Martin, vice-president of Nike China and general manager of Nike Direct China, said.