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August Economic Activity Prints Below Expectations

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President Xi Jinping's promise not to build coal-fired power plants abroad will force Chinese companies to phase out these high-polluting power generators and abandon projects in coal-rich countries such as Indonesia and Bangladesh, the Global Times reported citing interviews with sources at state-owned firms. China, the world's largest builder of thermopower generators, will support developing countries with building low-carbon energy, Xi said at the UN General Assembly on Tuesday. Chinese contract builders are set to suffer more as they had been focusing on developing overseas markets in response to China's push for cleaner domestic power generation, the newspaper said.