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"China's car ownership is lower than 170 per thousand population, far behind that of the developed countries. With continued improvement in the level of urbanization, as well as the increase in the disposable income and consumption level of rural residents, huge potential lies in the lower-tier cities," Yang said.

"Chinese music never really developed in the West," Cai said. "We believe this program will make changes in the long run."

"Cities with higher house price growth would all be under strong pressure, and it is highly likely for these cities to announce stricter tightening measures in the property market," said Zhang Dawei, chief analyst at Centaline Property Agency Ltd.

"Coal, electricity, oil and natural gas supplies are abundant and sufficient to cater to demand," Tang Shemin, an official from the National Development and Reform Commission, told a news conference.

"China's 40 years of reform and opening-up have provided numerous opportunities to General Motors," Matt Tsien, president of GM China, said. "The success of our joint ventures, like SAIC General Motors Corp and SAIC-GMWuling Automobile Co, is the best proof of China's economic opportunities and our long-term commitment to working with local partners to provide world-leading mobility solutions to our customers in China."