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"By making prudential monitoring indicators, conducting pressure tests, straightening up standards and implementing early intervention, we have effectively contained the accumulation of risks in certain areas that have comparatively large hidden hazards of posing a systemic risk to the financial system, such as real estate lending, local government debt and internet finance," said Guo at the Lujiazui Forum 2018 on Thursday.

"By 2010, China had fulfilled all of its tariff reduction commitments, reducing the average tariff level from 15.3 percent in 2001 to 9.8 percent," Vice Minister of Commerce Wang Shouwen said at a briefing on the white paper Thursday.

"Children today gain knowledge from the Internet and through their mobile devices. In the past, comic strips were our source of knowledge. We could learn so many things, such as history, geography and arts, from them.

"But the downturn was so big – the hole that was dug was so deep – that it will still take probably at least a couple of years to dig ourselves out."

"China Construction Bank Corp has already established a wholly-owned fintech company. Other banks may follow in its footsteps," Cao said.