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As of Sunday, the domestic shares of the bank being transferred to ICBC Investment, a wholly owned subsidiary of Industrial and Commercial Bank of China Ltd - the country's largest commercial lender, and Cinda Investment, a subsidiary of China Cinda Asset Management Co Ltd - one of the country's four largest State-owned distressed asset managers, shall represent 10.82 percent and 6.49 percent of the total issued ordinary shares of the bank, respectively, said the announcement.

As part of the country's broader opening-up push, China will phase out the 50 percent equity cap for foreign aircraft and car manufacturers in joint ventures in China, effective on July 28, according to a statement jointly released by the National Development and Reform Commission and the Ministry of Commerce on Thursday.

As more Chinese travel during holidays, the world will also benefit, Peng said. So far, Chinese tourists have booked outbound trips to more than 1,000 destinations in 102 countries and regions on Trip.com.

As of Tuesday evening, there have been more than 343,000 COVID-19 cases, with over 27,000 deaths in New York State.

As long as the tariffs on Chinese auto imports are in place, it makes zero sense to export from China to the US unless a manufacturer can get premium pricing, said David Whiston, industry analyst with Morningstar Inc.