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Carrefour has been continuously making efforts to improve its Chinese venture's performance, including revamping stores, introducing its convenience store format Easy Carrefour, as well as its own e-commerce channel in the past few years. However, the company has still found it challenging to rival the combination of leading traditional retailers and online players in the market.

Challenges remain in China's capital market development though, he said, citing that stock issuers and sponsors should play a more important role in ensuring the integrity of the market.

Channeling an undisclosed amount of investment to Acewill, Huifu is looking not just to extend digital capabilities to smaller players in the industry but to help avoid unnecessary waste in food consumption through smart recommendation mechanisms offered to customers, said Zhou Ye, chairman and CEO of Huifu.

Chas Freeman, former US assistant secretary of defense, as well as Gary Locke and Max Baucus, former US ambassadors to China, spoke on US-China relations and other topics related to the future development of technology and the world as a whole. Jin Liqun, president of the Asian Infrastructure Investment Bank, talked about the bank's role in helping developing countries.

Chan said there is a direct link between the government policies and the very strong focus on innovation and technology by businesses in China.