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As cashless transactions continue to grow, businesses themselves are expected to cater to and promote this mode of payment.

As an international company with integrated global value chains, minimizing trade barriers and tariffs is essential to BASF operations. The company benefits - as do customers - from free trade as any kind of duty represents an indirect tax. We are therefore concerned about the recent US announcements, and the response of several of US trading partners, including China, to impose import tariffs on a wide range of products that could affect the chemical industry and its numerous customer industries, including the automotive industry.

As at the end of last year, China had 2,342 mid-end hotels, up nearly 34 percent year-on-year. The number of budget hotels reached 21,808, up 10.5 percent from the previous year, according to the China Hospitality Association.

As an increasingly mature economy, China is moving up the value chain by rapidly developing its service and advanced manufacturing sectors. Foreign Direct Investment (FDI) in China reflects this transition.

As for the solicitation process, Lin said that started in July, with 32 proposals. Six were selected as finalists.