As the country's gross domestic product exceeded 114 trillion yuan ($18 trillion) last year, its ability to combat risks and shocks has further increased.

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It will also finalize its technology strategy by the end of 2022.

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Foreign trade volume of North China's Inner Mongolia autonomous region reached approximately 123.6 billion yuan ($19.5 billion) in 2021, up 17.2 percent year-on-year, said the local authorities.

An approval by the EAC is a must for the project to go ahead. The panel is expected meet on Friday to discuss the steel plant.