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As an international company with integrated global value chains, minimizing trade barriers and tariffs is essential to BASF operations. The company benefits - as do customers - from free trade as any kind of duty represents an indirect tax. We are therefore concerned about the recent US announcements, and the response of several of US trading partners, including China, to impose import tariffs on a wide range of products that could affect the chemical industry and its numerous customer industries, including the automotive industry.

As for Parris' view on the legislation, he said: "Ultimately it's going to cause large Chinese corporations to avoid investing in the US.

As for business tax reform, the framework will reduce corporate tax rate to 20 percent from currently 35 percent. Pass-through businesses, such as sole proprietorships, partnerships and corporations will see their tax rate down to 25 percent.

As a cluster of Chinese time-honored brands with a history of more than 700 years, Wangfujing plays a unique role in the capital's commercial circle, said Liu Bing, chairman of the chamber of commerce of Wangfujing.

As for investment income sources in 2019, 31 percent of respondents' income mainly comes from funds or wealth management products, and 30.5 percent from investment in real estate. The vast majority of new middle-class families have made profits from investment and financial management, but their overall returns are small, and 40 percent have a 0-4 percent return on investment and financial management, the report said.