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Chinese consumers also no longer believe that foreign goods are superior, and consider that domestic brands are now often best at meeting their needs. Global financial service provider Credit Suisse's report, Emerging Consumer Survey 2018, said 91 percent of Chinese consumers ages 18 to 29 prefer local appliances to foreign ones.
Chinese home appliances giant Konka Group Co Ltd announced on Monday the establishment of a fund with CITIC Holdings Co Ltd to beef up its layout in next-generation information technologies that are represented by the 5G, semiconductor and digital consumption sector.
Chinese authorities issued a guideline in August to help military veterans find jobs or set up businesses.
Chinese customers are more willing to embrace new technologies and functionalities compared with consumers elsewhere, fueling momentum for developing smart interconnected cars, said Heinz-Willi Vassen, R&D director at Audi China.
Chinese auto sales grew at the slowest rate in recent years in 2017. Sales totaled 28.88 million vehicles last year, up 3 percent from 2016, according to the China Association of Automobile Manufacturers.
