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Analysts said the Trump administration's .5-trillion tax cut and increased government spending have fueled the rapid increase in budget deficits and public debt.

Analysts said that the emphasis on flexibility and a targeted approach in monetary policy underscored the government's intention to inject more liquidity to support the epidemic-hit economy, while it remains very cautious about excessive easing that could lead to a steep rise of asset prices in the capital and property markets.

Anhui's desire to encourage innovation is also mirrored in its tolerance of risk. Liu, who returned from Harvard, said that when he decided to set up Precedo－a startup focusing on cancer cell research－in 2015, the technologies used were cutting-edge, and most people did not understand them.

And he raged against the media's obsession with his links to Russia and the status of Michael Cohen, his former fixer, who is under federal investigation in New York. Cohen has indicated that he would tell prosecutors that Trump knew about the Trump Tower meeting ahead of time.

An unmanned car iEV7S of JAC Motors is on display at the first China Industrial Design Exhibition in Wuhan, Central China's Hubei province, Dec 2, 2017. [Photo/IC]