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Analysts predicted the economy will continue to grow in a stable manner in the second quarter, despite some unfavorable factors.

An official with the department, who declined to be named, said there is an urgency to introduce more measures this year amid rising uncertainties of global economy and rising costs for production, the latter of which is posing greater challenges for China's traditional heavy industries.

Analysts said that the IPO reform will help boost the role of the equities market as a main funding channel for the country's promising startups and accelerate the country's industrial upgrade and economic transformation toward an innovation and technology-driven growth model.

And for now, at least, it looks like that approach is still working. Amazon Web Services’ annual run rate is now billion.

And China is a primary source for Hutchinson when it comes to attracting foreign investment. In less than two years since he took office in January 2015, Hutchinson has visited China twice and is planning a third trip to China in October.