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"Guangzhou has a dynamic scientific research atmosphere, rich human resources and strong economic development momentum, and therefore, the city has its great advantages to become a new and major blockchain technological and industrial center in the Guangdong-Hong Kong-Macao Greater Bay Area," the statement said.

"Global cooperation is ever so important to deal with a truly global crisis," she wrote. "All efforts should be made to resolve trade and technology tensions, while improving the multilateral rules-based trading system."

"From a global perspective, cutting individual income tax is an effective measure to implement proactive fiscal policy. It can raise disposable income, with the objective of boosting consumption and increasing aggregate demand," said Liu Yi, a professor at Peking University's School of Economics.

"Generally speaking, the economy overcame the adverse impact of the COVID-19 pandemic gradually in the first half of the year and demonstrated a momentum of restorative growth with greater resilience and vitality," Liu Aihua, an NBS spokeswoman, said at a news conference in Beijing.

"For example, if you look at the manufacturing sector today and compare it with the roles five years or a decade ago, they are fairly different. Chinese companies should continue to adapt this trend and embrace some new technologies to enrich their operations at both home and overseas," he said.