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The report said governments at all levels spent 2.5 trillion yuan (0 billion) on ecological and environmental protection from 2016 to 2018, with spending increasing by an average of 14.8 percent a year during that period. As a proportion of the nation's total fiscal expenditure, it rose 0.5 percentage points to 4.2 percent.

The report also warns there is likely to be significant disruption to existing business models in all parts of the economy, as already seen in sectors like media, entertainment, finance and retail.

The regulation, introduced by the Shanghai Health and Family Planning Commission, took effect on Friday. It stipulates that any medical worker who accepts a bribe totaling 5,000 yuan (0) or above, or accepts bribes on more than two occasions, or who asks for a bribe, will face dismissal and administrative penalties, such as revocation of professional certificates.

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The report also reveals that globally more than 1.2 billion children are at risk of poverty, conflict and gender discrimination, and these children are excluded from learning, and denied basics like healthcare and even food.

The report said that the major issues to be addressed currently regarding China's economy are preventing financial risks and improving the structure of investment and output.

The report said that despite the progress made since last year, China can do better in the area of dealing with construction permits, with a global rank of 121.

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The regulator required AICs to set up investment plans with either a singular market-oriented debt-to-equity swap or a portfolio as underlying assets.

The report credited China with improving protections for investors, strengthening procedures for enforcing contracts and making trade easier with changes to customs administration and port infrastructure.

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The report cited statistics from research and consulting institute ChinaVenture, saying China has experienced a bumper year for both private equity and venture capital investments in the cultural and media industry. The number hit a five-year high at .12 billion in 2018.

The report released during the event, titled "Leading a New Round of Global Opening up and Cooperation－The Belt and Road in the Eyes of the International Community", found that the global community's recognition of the initiative has been increasing each year.