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China has thousands of SOEs, but many have stagnated due to lack of competition. The government is improving their performance through a series of reforms, moving toward mixed ownership and market-oriented management.
China in recent years became known for leading the adoption of mobile payment methods within its own borders. As its citizens got used to pay for almost everything with their smartphones and do away with cash, Santander said Europe needs to catch up with the trend by "enabling Chinese payment solutions" such as China UnionPay, Wechat Pay and Alipay.
China is cutting overcapacity, reducing inventory, deleveraging, lowering costs and strengthening weak links as part of supply-side structural reform that began in 2015.
China is beefing up efforts to promote mass entrepreneurship and innovation, which is a new growth engine for its economic and social development.
China is considering floating its own digital fiat currency and earlier this year completed a number of trials using digital fiat currency across some commercial banks.
