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China is witnessing a new consumption norm, a trend featuring residents of smaller cities, who are looking more to imported goods and have a growing appetite to spend.

China will adopt internationally accepted rules in trade and economy, and provide world-class business environment.

China recently announced a series of opening-up measures including allowing foreign brokers to hold a majority stake in securities joint ventures.

China supported Africa countries' liberation struggles even when its own economy faced serious challenges. The Great Leap Forward, which was aimed at rapidly transforming China from an agrarian to industrialized economy, failed to take off. Then Chinese leader Chairman Mao Zedong was trying to adapt a Soviet economic model which did not work as expected, probably because it was not the right time for China due to the lack of sufficient capital to invest heavily in both industry and agriculture at the same time. He later concentrated more on efficient ways of organizing labor and increasing agricultural production.

China needs more innovation in philanthropy - and more talent needs to be attracted to tackle the problems that need solving. Li Yinuo, director of the China office of the Bill and Melinda Gates Foundation, said that philanthropy was the most challenging sector for innovation, as there were a large number of problems that people did not know how to solve. Li was speaking at a philanthropy forum held by the Cheung Kong Graduate School of Business (CKGSB) on April 7 in Beijing. She said that, even inside the industry, it was easy to feel like an outsider as new situations were always arising. Tang Chunxia, secretary general of the Shenzhen Cheung Kong Graduate School of Business Education Development Foundation, said that a lack of talent was a problem for the philanthropy sector. At present about 56.5 percent of full-time employees in the philanthropy industry earned salaries lower than the average for China, with about 15.2 percent on a monthly income of less than 2,000 yuan (0) and 27.3 percent on less than 3,000 yuan. "Doing philanthropy in a good way is not easy but this industry has a great shortage of talent, so we need to work on how to improve the situation," she said. Hundreds of alumni participated in the forum, sharing their thoughts on philanthropy. Xiang Bing, founding dean and professor of China business and globalization at CKGSB, said that philanthropy was a requirement for Executive Master of Business Administration students at the school, each being required to make six-day philanthropy contribution before graduating. In 2016, the EMBA students at the CKGSB held 69 philanthropic events and contributed 16,883 hours to philanthropy. CKGSB was also was the first to set up a philanthropic foundation, which had raised about 60 million yuan by the end of 2016. It carries out hundreds of projects in such areas as education, poverty alleviation and disaster relief.