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The new area can thereby help the capital to ease big city malaise issues such as swelling population and heavy traffic, while Beijing can strengthen its role as a political, cultural, international communication and innovation center.

The new guidelines are also aimed at broadening financing channels by encouraging the participation of private capital and investors, while pushing innovation and strengthening regulatory cooperation among governments, according to the Ministry of Finance.

The new practice also challenges the old wisdom that credibility problems can be solved only by collecting deposits from users. However, it remains to be seen whether it would also help minimize or eliminate risks, observers said.

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The new office will be led by Vinayak Hegde who joined Groupon as vice president of technology in February. Hegde previously worked as general manager of worldwide markets and manager of global payments services at Amazon. The news was reported Wednesday by All Things D.

The new Chinese government outlawed these acts and reviewed the training programs of opera troupes, removing dangerous stunts from the training curriculum. While this intervention was the humane thing to do, Fu said that it also resulted in an overall decrease in the quality of wuhang performances.

The new area will initially cover around 100 square km and expand to 2,000 square km in the long term.

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The new company would be worth billion, with revenue of 170 billion euros (9 billion). It would produce 8.7 million cars a year — still behind Toyota, Volkswagen and the Renault-Nissan alliance, which make over 10 million each.

The new vehicle market in China declined again in May - even the booming new energy vehicle sector was affected - and the country's leading industry association called for a long-term mindset.

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The negotiators are still making the last-minute efforts to meet the deadline. However, if the negotiations cannot be concluded before the third RCEP Summit, the Philippine trade chief said "there would be a continuing negotiation on the remaining issues."

The new venture would have 1 billion yuan (0 million) in registered capital, the announcement said.