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As China is keen to steer the economy toward innovation and technology-driven high-quality growth through effective reforms, automaker Volkswagen AG spent 1 billion euros (.12 billion) in late May to acquire a 50-percent stake in a subsidiary of Anhui Jianghuai Automobile Group Corp, or JAC.

As China designs its development blueprint for the next five years and beyond, and drives its "dual circulation" growth pattern, Caterpillar looks forward to cashing in on the new opportunities arising from China's sustainable growth journey, he said. "Caterpillar will bring more products, supply chain solutions and services to Chinese clients as they participate in various construction, transportation, energy and mining projects."

As China aims to build a group of world-class, role-model SOEs that lead in high quality development, this move will boost the government's ability to further shift its role from managing SOEs to managing their assets and serving the real economy, said Li Jin, chief researcher at the China Enterprise Research Institute in Beijing.

Artificial intelligence will play an important role in reshaping an array of major industries such as retail, manufacturing and healthcare.

Apple CEO Tim Cook was just asked on the company’s earnings call to offer his thoughts on Amazon’s upcoming Kindle Fire tablet, which is significantly undercutting the iPad with a price of 9.