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China has toned down its gross domestic product growth target for 2018 to “around 6.5%,” as the Chinese leadership maintains its focus on reining in financial risk and prioritizing quality over speed of its economic expansion.

Nio, a homegrown electric car startup backed by internet giant Tencent, is preparing to raise up to $2 billion through a New York initial public offering (IPO) by year end, a knowledgeable source told Caixin, as it prepares to roll out its first model in the next few months.

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