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"China has not only solved the basic demand for food for nearly 1.4 billion people, but is also close to moving from supplying sufficient food products to providing rich and nutritious diets for its people," he said.

"Capital market functions will be impaired without the registration-based IPO mechanism and hence would not be able to serve technology startups with high efficiency. Therefore, efforts should be made to push forward this very basic mechanism of the capital market. But at the same time, progress should be made with no haste, allowing the capital market to mature and accept the wider adoption of the mechanism as well as the completion of related policies," he said.

"By leasing the farmland to the park, villagers have become shareholders in the project. We have enjoyed both a better environment and higher incomes," said local Zhang Lina, adding that three nearby villages have also formed similar cooperatives.

"China has become the largest producer and consumer of automobiles in the world. The extensive use of private cars in cities is causing congestion, air and noise pollution, and road accidents. In metropolitan areas, the transport sector is estimated to account for at least one-third of greenhouse gas emissions," Engstrom said.

"China is already in the driver's seat with respect to the adoption of IoT technology, mainly driven by favorable government policies and fierce market competition inside the world's largest electronics manufacturing powerhouse," said Charlie Dai, principal analyst at Forrester, a business strategy and economic consultancy.