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Chinese consumers will spend more money on information services than products for the first time in 2018, according to a report released by the China Academy of Information and Communications Technology, a government think tank affiliated with the Ministry of Industry and Information Technology or MIIT.
Chinese companies' R&D expenditure accounted for 7.8 percent of the total for the 1,000 companies, up from 6.4 percent last year. The number of Chinese companies chosen as "innovative powerhouses" rose from 125 to 145.
Chinese businesses directly invested .6 billion in economies along the Belt and Road, up 29.7 percent year-on-year. Investments made by B&R economies in China stood at .24 billion, up 34.4 percent year-on-year.
Chinese partners "add value to our presence in Vado (Ligure), both commercially (and) technically," he added.
Chinese born in the 1980s and 1990s are more open, sharing, and tech-savvy, and they are the core consumers of online services for booking shared accommodation. Such consumers love to have authentic life experiences, he said.
