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As Alexander Hamilton, the first US Treasury secretary, argued, a developing country may need to protect its "infant industries" from already established foreign competitors. This was the policy followed by the US in the 19th century and by Western Europe, Japan, and South Korea in the years after World War II.

Approximately 2.9 billion yuan of the proceeds is proposed to repay the outstanding bank loans of Sanya Atlantis, and the remaining proceeds are for the Group's business development. The Foliday board thinks revitalizing existing assets by issuing the CMBS will help improve the financing structure of the company, effectively expand financing channels, reduce financing costs, enhance financing efficiency, help provide sufficient cash reserves and accelerate the development of the Group, according to the announcement.

Article 9 of Japan's Constitution, forged in the aftermath of World War II, forces the country to "forever renounce war" and stipulates that armed forces will "never be maintained".

Apple dropped to the third spot for the first time, despite its second quarter growth. Apple shipped 41.3 million iPhones, representing modest growth of 0.7 percent over the 41.0 million units shipped last year.

Approved by the State Council, China's Cabinet, the 23-clause rules aim to support the country's higher-level opening-up and facilitate the new growth paradigm, said a statement released by the NDRC and the ministry. The rules will take effect 30 days after their release.