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Bosch China considers its decision to set up headquarters in the Hongqiao CBD as crucial to its fast development over the past decade.

Bob Baldwin (center), advisor to Australia International Trade Association & Associates, poses for a photo with Ken Smith (left), president of Australia China Business Council Victoria, and Daryl Guppy, president of the Northern Territory chapter of the Australia China Business Council, in Beijing, Sept 18, 2017. [Photo/chinadaily.com.cn]

Both announcements come amid protests across the nation and around the world sparked by the May 25 death of George Floyd, a black man, in the custody of Minneapolis police.

Both China Eastern and China Telecom own stakes of 42.5 percent each in KDlink whose registered capital is 200 million yuan (.54 million). Juneyao Group holds the remaining 15 percent, according to a report in National Business Daily.

Blume said China has been Porsche's largest market but its total sales of models across five to six segments stood at 80,108 last year, up 12 percent from 2017, so it does not make localization a smart business idea.