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By having staff and offices in both countries who are fluent in English and Mandarin as well as in other local languages, Foster said EastWest can provide the strategy, tools, and expertise to do business in a country with a population of 1.4 billion.

CCCC's expansion in BRICS markets can be traced back to the 1980s, when it set up its first unit in Brazil. It then branched out to India, Russia and South Africa.

CAAM estimated that over 1 million new energy vehicles will be sold this year, while the Ministry of Finance provided a bolder prediction of 1.5 million vehicles, said Shi Jianhua, vice-chairman of CAAM.

By default, if it’s not differentiated or not durable, then somebody else is going to do the same thing. Look at Zulily. They took a differentiated approach to curating product and featuring that product and took the line of, ‘We’re going to feature local brands nobody has ever heard of,’ as a marketing kind of thing. They are extremely good at both curating all that selection and then very cost-effectively?acquiring email addresses that turn into people visiting the website that turns into customers. That’s differentiated — curating and scouring this stuff — and they’ve been able to demonstrate the durability.”

By the start of October, Alipay had more than 700 million users in China, while more than 40 million small stores and sellers supported payment through QR code stickers, the company said.