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"So I am quite optimistic that the companies we fund and other VCs (venture capital) fund will find success in the local Chinese market. I am less optimistic that there will be great IT brands outside China in five years' time," Lee told a big audience at the forum.

Dwindling orders from Europe and other trade partners have sapped China's exports and, combined with a cooling property sector, slowed the country's economic growth rate to 7.6 percent in the second quarter, the lowest level since the first quarter of 2009.

Focus on development is the only way to overcome such crises, stressed speakers such as Long Guoqiang, Director General of Development Research Center of China's State Council, pointing to the impressive Chinese example of reform.

In addition, more than 5,200 residents in several mountainous suburban districts have been relocated to safer places as authorities ordered to brace for potential landslides and flash flood.

Yang told an investigation team meeting that rescuers were reaching out to the location of the last three miners trapped in the Xiaojiawan Coal Mine in Panzhihua City, some 750 km southwest of Chengdu, capital of Sichuan.