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Benny Tai Yiu-ting (center) and Chan Kin-man are escorted in a prison bus leaving the West Kowloon Magistrates' Courts in Hong Kong on Wednesday after receiving 16 months in jail for conspiracy to commit public nuisance. ROY LIU/CHINA DAILY

Besides, China's large number of data and artificial intelligence-related companies can back many European countries in the digitalization of industries, and that's crucial to save costs and improve efficiency, he said.

Betts said the renewal is an important step in securing future growth for the drink in "the world's largest spirits market".

Besides that, preferential tax reduction policies have reduced the combined costs of 2,754 companies based there by 2 percent.

Better consumer protection laws and regulations should be in place, and supervision of products from internet finance companies must be strengthened, with better conflict resolution plans to be established, Li suggested.