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As Jim Yong Kim officially steps down from the position of World Bank Group president on Friday, the world's largest lender has started the process to choose his successor, in which the US holds strong influence.

Around the turn of the century, fundamental reforms liberalized the property and job markets. The process of converting government-run factories to corporatized and more productive State-owned enterprises also kicked off in this period. In 2001, joining the World Trade Organization confirmed a large set of market-oriented reforms and opened many sectors to foreign competitors.

Apple, also a contender for the most valuable company, went down to 701.99 billion dollars in market value. Its stock price hit 52-week low last week after the company issued lower guidance for the fiscal 2019 first quarter.

As China International Capital Corporation Limited analyzed, automobile, real estate and medicine industries will enjoy the largest scale of tax reduction; and the biggest rise in net profit as a result of tax cuts will go to coal, food and beverage, electricity industries.

Approved by the State Council, the fund is jointly established by the Ministry of Commerce, the Ministry of Finance and Shenzhen-based China Merchants Capital Management Co Ltd, a subsidiary of China Merchants Group. Under the plan, the central government will guide social capital to raise the fund.