Chinese carmaker Great Wall said it would invest CNY5bn (US$750.5m) in research and development over the next five years.

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Of the total investment, CNY3b (US$45m) would be dedicated to new product development, the company said in a statement.

Earlier this week, Great Wall broke ground for a new CNY5bn technical centre, part of efforts to break away from its image as a maker of affordable, lower-end vehicles.

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