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"Chinese bearing companies should have the confidence in producing high- and middle-end products."

"Compared with the previous round of property development, which is mainly fueled by investment, the new round of development is driven by consumption," said Nie Meisheng, founding chairman of China Real Estate Chamber of Commerce, at the 2020 annual meeting held from Dec 13 to 14. She also said digital technology will play a pivotal role in empowering buildings and communities.

"Chinese companies have participated in some heavyweight projects in Italy," he said, adding that China and Italy will soon renew the action plan for cooperation, which expired at the end of last year.

"China's foreign exchange reserves are expected to remain stable after assessing influences of both internal and external factors, although the global financial market will face uncertainties amid the continued economic recovery," said the regulator.

"China, over the past 10 years, has seen rapid growth in the IoT industry and the enterprises involved, but it hasn't gained an explosive momentum," said Ye Tianchun, director of the Institute of Microelectronics at the Chinese Academy of Sciences.