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"Compared with other major central banks of developed economies, the PBOC's balance sheet expanded only moderately, and it has room to further cut the reserve requirement ratio and interest rates," said Zhang Xiaohui, a senior researcher at the China Finance 40 Forum, which engages in finance policy research, and former assistant to the governor of the People's Bank of China, the central bank.

"China's fast-growing digital economy has sharpened the country's competitive edge in industry and created favorable conditions for foreign businesses to invest in more areas," he said, adding that 4G-and 5G-based digital infrastructure is a solid foundation that facilitates rapid growth of artificial intelligence, big data and diversified online services.

"Currently, the majority of cars sold in China were built in China, it's a very good degree of localization," Samuelsson told Xinhua on Thursday. "But China is also used as Volvo Cars' export hub. Due to US imposed tariffs, we had to redistribute."

"Communicating directly and truthfully to the American people is one of the most important duties of a President, and this team will be entrusted with the tremendous responsibility of connecting the American people to the White House," Biden said in a statement.

"Considering that the two accidents took place after new Boeing 737 MAX 8s were delivered, and went down just minutes after taking off, within five months of each other, they have some degree of similarity," the administration said in its statement. The administration grounded all Chinese Boeing 737 MAX 8 jets on March 11.