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Shanghai kicked off a night festival on Saturday to boost the city's night economy. A number of bars, museums, bookstores and shopping malls joined the festival with extended business hours and activities like night tours, shopping, dining, reading and live shows.

Shadow banking assets shrank by 16 trillion yuan in the past three years from the peak level, while the growth of real estate loans fell by 3.3 percentage points year on year.

Shares of Amazon are down nearly two percent in advance of the earnings announcement.

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Shanghai's Fudan University partnered for the program with Sichuan University in Chengdu, the capital of Southwest China's Sichuan province. Each campus sent two chefs to the other school's canteen, where they were to prepare their respective specialties for students for about two weeks.

Shanxi province allowed the construction of some coal-fired power plants despite tough requirements from the central government to cut air pollution, it said.

Several Chinese companies such as Baowu Steel Group and Taiyuan Iron and Steel Group have recorded major technological breakthroughs in recent years to produce and export high-end steel products which China used to import in the past, he said.

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Shanghai residents recorded the highest disposable income at 64,183 yuan, followed by Beijing at 62,361 yuan, and Zhejiang province at 45,840 yuan.

Several public school systems, including New York City's, the nation's largest, have said that they will cancel classes for the rest of the school year and have not determined whether classrooms will reopen in September. Nationwide, universities are also deciding whether to open this fall.

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Shanghai-based China Eastern Airlines announced that it will seek compensation from Boeing for the grounding of its 14 MAX planes. The airline has delayed deliveries of future 737 MAX aircraft. Reports in the People’s Daily newspaper did not state the amount of compensation China Eastern seeks.

Shares of large-cap tech companies declined on Friday, putting pressure on the benchmark indices. Netflix and Amazon traded 6.27 percent and 4.12 percent lower respectively. Shares of Apple and Alphabet both fell over 3 percent.