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As socialism with Chinese characteristics has entered a new era, the principal contradiction facing Chinese society has evolved into one between unbalanced and inadequate development and the people's ever-growing needs for a better life. This represents a historic shift that affects the whole landscape and that creates many new demands for the work of the Party and the country. Building on continued efforts to sustain development, we must devote great energy to addressing development's imbalances and inadequacies, and push hard to improve the quality and effect of development.

As the largest steel producer in the world, China's top 10 steel companies account for less than 40 percent of domestic capacity, far off the goal of 60 percent if the industry wants to avoid disorderly competition, while the top four mines in the world control about 80 percent of global iron core output, he said.

As young people born in 1990s become the major part of the labor force and with the growth of startups, business trip demand is becoming more diversified and personalized, he said.

As the digital accounts will be open to other platforms offering scenario-based services, Ping An Bank will eventually build an ecosystem with a network structure that is connected by digital accounts, said Li at a news conference in Beijing on Aug 22.

As pork supply increases, pork prices will stabilize, so will the prices of some other food products that are affected. Consequently, there is no need to worry about a hike in consumer product prices in the long run. The current rise in consumer prices is only a temporary market disruption, rather than inflation.