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As planned by the Beijing municipal government, the Beijing International Technology Cooperation Center and the Beijing Bureau of Complete Equipment and Machinery completed restructuring of ownership and merger, marking the completion of transformation of all six public institutions into enterprises under the direct supervision of Beijing's State-owned Assets Supervision and Administration Commission. A total of 314 State-owned enterprises have completed similar restructuring by the end of June.

As the private sector has become the main contributor to job creation and technological innovation and an important source of tax revenue, it will play a critical role in developing the market economy, transforming government functions, transferring surplus rural labor and exploring the international market, said Sang Baichuan, an economics professor at the University of International Business and Economics in Beijing.

As the United States moves to pressure China in areas ranging from trade to technology, Beijing will also need to decide how it will manage its differences with US allies like Australia.

As we’ve seen before with many industries, including newspapers and record labels, it is increasingly difficult for incumbents to quickly transition once a dramatic technological shift occurs. Can Nordstrom, which was founded in 1901, successfully make that leap?

As this year marks the 25th anniversary of the establishment of diplomatic ties between China and Israel, Li said China is also willing to work together with Israel to strengthen cooperation and create new growth engines.