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Peng also said the combined profits of those companies reached a new high of 1.7 trillion yuan in 2018, up 16.7 percent from 2017, while their revenues rose 10.1 percent to 29.1 trillion yuan.

Peng is in Rwanda accompanying Xi for a state visit, the first to the African country by a Chinese head of state.

Peak season of Sept, Oct slumps, but analysts say pessimism wrong

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People examine a Porsche at the Shanghai auto show in April 2019. [Photo by Li Fusheng/China Daily]

Pelosi predicted the opposition will not stymie her speakership, saying that she expects to "have a powerful vote as we go forward."

Peng Jianming, deputy editor-in-chief of CCTV, said companies involved with CCTV's "Brands to Revive the Economy Project" are launching a series of measures to expand domestic demand, boost consumption, and stabilize the job market since the pandemic.

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Peter Fang, head of Asia Pacific and acting China General Manager at Shire, an Ireland-based company serving patients with rare diseases and specialized conditions, and Huang Rufang, director of the Chinese Organization for Rare Disorders, attend the seventh China Rare Disease Summit held in Shanghai. [Photo/chinadaily.com.cn]

People wait in line at a coronavirus disease (COVID-19) testing clinic in the city centre as the state of New South Wales continues to report relatively low numbers for new daily cases, in Sydney, Australia, Sept. [Photo/Agencies]

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Phase 3: Implementation

Peng said such cooperation with competitive international carmakers is expected to improve Chinese companies' technical levels and see the sector make rapid progress.