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The new lender is seen by the US as posing a challenge to the establishments controlled by Washington, such as the World Bank.
British Petroleum and Russian energy giant Rosneft are inching towards a $800 million deal, a Reuters report said.
The proposed fund is stated to be the cornerstone of the European Commission's agenda to jumpstart the EU's moribund economy.
The annual trade fair in the southwestern Chinese city of Kunming is aimed at cementing its status as south Asia's trade hub.
A total of 266 exploration blocks will be offered in the 13th bidding round.
Premier Li Keqiang has set the nation’s 2015 expansion target at about 7 per cent.
China replaced the United States to become Brazil's largest trade partner in 2009.
China's trade with the European Union, its biggest trade partner, waned by 7.1 percent during the Jan-May period.
Indian Central Bank Governor Raghuram Rajan said on Tuesday that India's growth rate may be weaker than headline numbers suggest.
The services sector accounts for almost half of the economy and is the biggest employer in China.
