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"China and the Philippines must join hands to uphold the interests of the developing world, resist protectionism and unilateralism, and promote peace, stability and prosperity in our region and beyond," Xi said.

"Caterpillar was also developing new financial solutions for customers operating in emerging markets", Istas added.

"Changes in the global economic landscape are one of the reasons behind such a trend. Faced with trade frictions, a large number of capital needed to find new investment opportunities," said Jixun Foo, managing partner of GGV China, a venture capital firm based in Shanghai, and a top investor on Forbes' Midas List.

"China is making its own business innovations over the past decades. Umpteen businesses, such as online education and food delivery companies, are emerging in the country every day," said Liu Chang, founder and CEO of 17Edtech.

"China Mobile has made a bigger investment in 5G tests and experiments, compared with its rivals, including China Unicom and China Telecom. Moreover, China is in the forefront of 5G technology around the world, possessing a right of speech in the establishment of 5G international standards," said Fu Liang, an independent telecom analyst.