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Chinese financial regulators once worried local governments' contingent debt, or the debt out of the balance sheet, might expand fast due to some illegal borrowing disguised as PPP equity funding. The government pushed the deleveraging process by cracking down some high-risk projects and constrained some financing channels, resulting in a slowdown of fixed-asset investment growth to 5.9 percent last year.

Chinese conductor Cai Jindong will chair the committee overseeing the initiative. Cai, who was born in Beijing and studied violin and piano, went to the US in 1985 and joined the Stanford University faculty as professor in 2004. He has been guest conductor of major symphony orchestras in both China and the US.

Chinese medical teams are now present in most countries in Africa, providing services including diagnosis and treatment of AIDS patients, Feng said. To help African countries fight AIDS, China has also trained a number of African medical personnel, Feng added.

Chinese drugmaker Qilu Pharmaceutical offers the latest example. It invested over million to open an innovation hub and expand its business presence in Boston, the pharmaceutical innovation hub in the United States.

Chinese are hardworking, smart and brave, and they value education, but we also have many disadvantages. First, companies in emerging industries need to make extra efforts to earn trust. Second, many foreign companies have a stereotype of Chinese companies, which usually assumes we sell cheap and low-quality products. Third, cultural differences, including language barriers, and local management and legal issues can become a difficulty when going out to overseas markets, especially in North American and European countries.