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The combined effect of tariffs imposed last year and potential tariffs envisaged in May between the US and China could reduce the level of global GDP in 2020 by 0.5 percent, the economist said.

The company had also branchedout overseasand secured 80 million annual active users outside of China via its indigenous foreign marketplace,Ali Express and Lazada Group, which had been acquired by the Southeast Asian e-commerce group last year.

The committee will maintain a prudent monetary policy while keeping it more flexible and appropriate, and attach greater significance to supporting the resumption of the development of the real economy.

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The company has been operating test vehicles in the Chinese cities of Beijing, Shanghai and Suzhou and in the state of California in the United States.

The company has 125 researchers in Europe and established cooperative relations with robot research institutions from Sweden, Switzerland and Germany.

The company has built its presence on e-commerce, digital and physical platforms in the country — one of LEGO's fastest growing markets in the world.

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The company established a China office in Shanghai in 2015, and has since then signed extensive financial technology partnerships.

The clampdown came amid growing controversies surrounding Tianjin-based healthcare products giant Quanjian, which is suspected of organizing pyramid schemes and engaging in scams that exaggerated the effectiveness of its products.

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The company clearly sees solving the delivery conundrum as a high priority. It launched a partner program for small delivery companies that operate fleets of 20 to 40 vehicles and even offered its own employees funding to quit and join the program.

The company has developed materials used in China's "Shenzhou" manned spacecraft and "Tiangong" space lab, as they are mildew-proof and resistant to fire, static electricity and odor.