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But Liu said further advancements are needed, as perception technology for self-driving cars has not matured enough to be effective in complex driving environments.

But he has been eager to take credit for record-fast vaccine breakthroughs.

But in March, Toyota Motor Corp announced that it will build a new electric vehicle plant in Tianjin and Starbucks pledged to invest 0 million to construct a roasting facility in Kunshan, Jiangsu province. Zhang said China's comprehensive advantages based on efficiency, labor quality, resources and digital and physical infrastructure will continue to attract investment from global companies over the long term.

But at these studios, prices are higher compared with traditional ones, varying from 299 yuan () to 1,990 yuan. Though at least 50 percent higher than the traditional companies, many consumers still opt for them.

But as the global artificial intelligence technology made significant progress in recent years, the Chinese company's chairman said his group realized that hefty investments into AI can help it reduce its reliance on PCs and raise the contribution of smartphones and other new business to 50 percent of total sales from the current 30 percent.