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And on Thursday, the Financial Stability and Development Committee, the country's Cabinet-level financial regulatory body and part of the State Council, China's Cabinet, stressed several priorities: balance the relationship between stabilizing growth and preventing risks; enhance counter-cyclical adjustments; further reform the capital market as well as small and medium banks; ensure healthy development of the private fund industry; achieve financial inclusion and fair competition; encourage commercial banks, especially small and medium ones, to increase capital through multiple channels; improve the long-term mechanism to prevent, resolve and dispose of financial risks, so as to stabilize the financial system and sustain the economic and social stability.

Analysts expected sales to drop 12.3 percent. Consumer spending represents about two-thirds of the US economy.

Anhui Yucheng and Yucheng Global, operators of online P2P lender Ezubao, and 10 company executives, including Yucheng chairman Ding Ning, were found guilty of fundraising fraud, said the Beijing No 1 Intermediate People's Court.

And while talk doesn't cook the rice, that shouldn't stop a rice being talked about, especially when it's two of Wakka International's brands of premium Japanese rice: Yumepirika (夢美人) from Hokkaido and Kounotori (鴻鳥) from Hyogo. The former, in development for more than a decade, has the appearance of shiny snow and showcases a soft, springy texture with some sweetness and rice aroma. The latter has been cultivated in an organic ecosystem free of pesticides and chemical fertilisers; it's full of shiny grains, and remains sticky with a good amount of umami after cooking.

Andrea Hunter, president of the United Steelworkers Detroit local, wrote in an Aug 1 letter informing members of the layoffs, "If current market conditions continue, more layoffs unfortunately will be announced."