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Powell said people at the lower end of the economic scale have been hit hardest in the downturn. He said the Fed, unlike Congress, lacks the ability to make direct cash payments to those hit hardest.

Premier Li Keqiang has vowed greater policy support for central and western areas in undertaking the transfer of industries as he urged local authorities to further improve the business environment and optimize workforce quality.

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Preliminary data showed that newly made yuan loans in July stood at 1.45 trillion yuan (2 billion), up 623.7 billion yuan from the same period last year, the commission said in a statement on its website.

Positioned as a global brand, Lynk & Co was launched in Berlin in late 2016. It now offers four models, and their total sales in China reached around 260,000. An said two new models will join Lynk & Co's lineup this year.

Preparatory work on the Shanghai Science and Technology Innovation Board is going on in full swing, with key stakeholders putting in place various procedures, ahead of the official launch later this year, a top regulatory official said on Friday.

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Premier expresses confidence in economy at trade union congress

President Xi Jinping has called for more coordinated planning, reform and innovation to develop China's pilot free trade zones into new leading areas of reform and opening-up for the new era.

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President Xi Jinping (R) meets with Mongolian President Khaltmaa Battulga in Vladivostok, Russia, Sept 12, 2018. [Photo/Xinhua]

Poverty relief