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The frequent earthquakes often cracked the walls of many traditional houses, leaving the residents concerned for their lives and the integrity of their property.

The government had planned to start renovation on 2.89 million homes in dilapidated urban areas in 2019.

The government will continue to closely monitor the situation and roll out measures as necessary to maintain the vitality of the economy and pave the way for a speedy recovery once the threat of the epidemic recedes, Au said.

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The government funds seek to guide market investors, not to provide majority State funding. According to Chen Shaozhi, a senior journalist who heads the Made in China 2025 team at Xinhua News Agency's Economy and Nation Weekly: "The government may lead the industrialization fund, but it is very commercialized. The government puts in a little money. Then the banks, investment companies and venture capital funds all can invest together.

The fund's investment and financing may be denominated in the US dollar and Chinese yuan, it said.

The fourth session of the 13th National Committee of the Chinese People's Political Consultative Conference will start on March 4 in Beijing. The suggestion was raised in a draft decision approved at a Chairperson's Council meeting of the 13th CPPCC National Committee earlier this week.

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The four-bedroom Sutton Place property, on the New York borough's East Side, which boasts a grand marble entrance hall, was bought by Pei and his wife, Eileen, in 1974 from a cousin of United States president Franklin D. Roosevelt.

The government must further refine its policy portfolio in expanding domestic demand and promoting opening-up to spur a rebound of the economy and maintain a stable job market, he said.

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The global smart speaker shipments grew an astonishing 197 percent year-over-year to reach a record 22.7 million units in Q3 2018 and Chinese market accounted for 30 percent share of global smart speaker shipments in the past quarter, up from 5 percent in Q3, 2017, the report said.

The four main businesses that the Hong Kong-headquartered company aims to expand are visual effects, VR, virtual assistants and film industry investment.