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But, China's private sector is resilient. I think that the key for the private sector is to partner with the government and with fellow private companies on artificial intelligence initiatives, new industrialization, informatization, urbanization, and agricultural modernization. It also helps that the central leadership has encouraged State lenders to support the private sector.

But, Chinese wages have grown an average of 11 percent per year over the last 15 years, so companies that relied primarily on low wages have had to go elsewhere. Many business owners said that competing for labor is their biggest challenge now, so they are having to move up-market to higher value-added specialized products and are investing heavily in automation. This is all a very good thing for the nation and its workers.

But “those stunts are just window dressing,” Oliver says, noting that incentives are much more likely to get Amazon’s attention. Take New Jersey, where local officials are offering up to billion in tax credits if they land HQ2.

By 2023, more than 40 percent of China's new enterprise infrastructure deployed will be at the edge rather than corporate data centers, up from less than 10 percent today. By 2024, the number of applications at the edge will increase 700 percent, the study said.

Buyers of second house should pay an interest rate that is 0.6 percentage point above the LPR, which will be 5.45 percent, said the statement.