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The ministry made the remarks after the United States President Donald Trump made the decision last week to revoke the region's preferential trade status.

The meeting encouraged local governments to set up funds to compensate for credit risk, which will increase support for small and medium-sized enterprises and technological startups. Stricter management will be conducted to control fees charged on companies and reduce institutional costs for the enterprises.

The meeting also decided to unify the standard for small-scale taxpayers, which raises the threshold of taxable annual sales volume for industrial and commercial enterprises from 500,000 yuan and 800,000 yuan, respectively, to 5 million yuan. Enterprises registered as general taxpayers will be allowed to switch their status to small-scale taxpayers within a given time.

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The market selloff continued Friday as the Dow Jones Industrial Average fell more than 800 points in early trading.

The media release said the inspection will target on those fake and illegal NGOs that claim to serve national strategies, such as the Belt and Road Initiative and military and civilian integration, or to promote poverty alleviation.

The mini-program collects basic information for more than 830,000 social organizations in China, with 2,301 national social organizations included, according to the ministry.

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The meeting, the fifth of its kind in the China-UK high-level people-to-People dialogue, will be co-chaired by Liu and British Health Secretary Jeremy Hunt, according to foreign ministry spokesperson Geng Shuang.

The measures included lifting restrictions on car purchases, applying new technologies to promote the circulation of products, improving the infrastructure of commercial streets and accelerating the development of chain convenience stores, as well as fiscal and financial policies to expand consumption.

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The ministry has ordered schools nationwide to make arrangements for the winter vacation and the spring semester in a timely and preemptive manner, allowing students to leave schools in batches, the notice said.

The meeting arranged key tasks for the second half of this year in market regulations, including substantial reduction in the time to open an enterprise.