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Analysts estimate that Apple will cut orders to Foxconn by 20 to 30 percent, mainly due to weak demand for the iPhone XR and XS Max. Media also reported Foxconn aimed to cut 20 billion yuan from its expenses this year as it faces a very difficult and competitive year.
Analysts said the move by ICBC highlighted China's desire to promote cooperation to expand investment channels and to ensure sustainable financing for projects under the initiative.
Analysts said the committee of China Securities Regulatory Commission (CSRC) which oversees new offerings, is more focused on specific conditions of different applicants.
An overall softening of financing in October mirrored a weaker-than-expected investment sentiment in China, with calls for stronger incentives to offset the cautious economic outlook, analysts said.
Ana Paula Castro, a major of aerospace engineering who graduated from the University of Brasilia, is among the new batch of students who recently began studying in Beijing.
