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"China has been the largest automotive production and trade market for 10 consecutive years. That success couldn't be possible without breakthroughs from domestic auto component makers, among which Shengrui is one," Xin Ning, deputy head of China Automotive News said at a summit organized by Shengrui in January to discuss the latest industry trends.

"China and the US, the two major countries, bear special duties in this regard," he said.

"China has an indirect financing-oriented financial system and banking loans play a leading role in social funding," said Pan.

"Certain industries still have a high barrier for entry, and some government officials have transferred their functions to related institutions," Lin said. "Some agencies have been using their administrative resources to set up new barriers (for market entry) and charge a high fee."

"China is going through a transformative period from consumer internet to industrial internet. There is robust demand for digital transformation among Chinese enterprises. We are playing an increasingly important role in the process," Kingdee Chairman Xu Shaochun said at the news conference accompanying its 2019 interim results announcement on Wednesday.