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"By combining Ant Financial' s AI technologies with the capabilities of asset management companies in investor education and fund management, together we are making customized wealth management services more accessible for ordinary users," said Eric Jing, CEO of Ant Financial.

"China has switched to a consumption-driven growth model. As personal incomes continue to rise and domestic consumption keeps being upgraded, the retail banking business has enormous growth potential," he said.

"By 2020-21, we will have restored investment in defense to 2 percent of GDP," said the statement.

"But one of my customers, a Singapore lawyer who worked in Beijing, believed this to be the case. He told me: 'Frankie, seeing how only Shanghai and Beijing are open to the outside world, and there are no Singaporean restaurants in Beijing, yours has to be the very first in China!' I just smiled."

"China has made positive progress in strengthening its financial regulatory system and resolving financial risks since the Party's 19th National Congress in October under the leadership of the CPC Central Committee, with Xi Jinping, general secretary of the committee, at the core," he told a special consultative meeting of the Chinese People's Political Consultative Conference, the country's top political advisory body.