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Chinese e-commerce giant Alibaba Group Holding Ltd is gearing up for expansion in the telecom sector, as it aims to meet the communication demand of millions of small and medium-sized enterprises across China.

Chinese leaders have stressed on multiple occasions the importance of integration, sharing and disclosure in the running of government information systems.

Chinese companies will have to invest generously into innovation to forge their R&D abilities, now that they have to compete in a fair market that is competition-driven and innovation-focused, where fast approval will bring an increasing number of drugs approved, he explained.

Chinese are buying the philosophy. Volvo's sales in China were up 26.7 percent in November, compared with the same period last year, to 14,502 cars.

Chinese bike-sharing company Ofo Inc announced on Tuesday it finished its series E2-1 round of financing led by e-commerce giant Alibaba Group Holding Ltd, raising a record 6 million, the highest single round of financing in the bike-sharing sector, according to Xinhua.