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Lei Jun, chairman and CEO of Chinese smartphone maker Xiaomi Corp, said slashing taxes will inject new vitality into companies, boosting their enthusiasm to innovate. And it's likely to ignite a new creativity boom.

Laura could strengthen into a Category 2 or 3 hurricane on the 5-step Saffir-Simpson scale for measuring hurricane intensity and move west, closer to Houston, said Chris Kerr, a meteorologist at DTN, an energy, agriculture and weather data provider. Category 2 storms have sustained winds of at least 155 kph.

Lawmakers and political advisers attending the annual two sessions have hailed the Party's firm resolve to curb the practices of formality for its own sake and bureaucratism, typical forms of undesirable work styles that influence governance.

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Laurenceson predicted that innovation may also play a big role in how China's economy performs in the coming years.

Lee said China's regulators were pretty aggressive in trying to prevent the bubble from becoming too large, something not seen in Japan or even in the United States, where policymakers just left "the market to take care" until the bubble actually started bursting.

Lau Siu-kai, vice-president of the Chinese Association of Hong Kong and Macao Studies, was impressed by the nation's young people participating in the parade.

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Lei Jun, founder and CEO of Xiaomi, said 2018 saw their large home appliance business grow into a "robust business unit," and also marked the start of the company's overseas IoT business expansion.

Lau Siu-kai, vice-president of the Chinese Association of Hong Kong and Macao Studies, said the proposal was part of a series of US political actions aimed to tarnish the international image of Hong Kong, trying to make the world lose interest and confidence in the city.

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Lee Hsien Loong, prime minister of the Republic of Singapore, emphasized concerns over the impact of high tariffs for countries big and small.

Lei said Xiaomi's smartphone business will continue to focus on innovation and quality, as well as to optimize its product portfolio.