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Chi Fulin, president of the China Institute for Reform and Development, noted that the upgrading of China's manufacturing, the switch to a consumption-driven economy and China's further opening-up will provide huge opportunities for Europe.

Chen told Reuters last month that the company's liquidity problem exists "because we made a big number of mergers", even as the external environment became more challenging and China's economy "transitioned from rapid to moderate growth", impacting the group's access to new financing.

Chi Fulin, president of the China Institute for Reform and Development, said that as China's comprehensive reform and opening-up enters a new stage, higher-level opening-up requires institutional openness in order to abide by the trend of global development. Special economic zones could play a pioneering role in the process, he said.

Chen rates applicants according to appearance, family situation and other given information.

Chen Tao, an analyst with internet consultancy Analysys in Beijing, estimated that more cross-border e-commerce sites will launch duty-free stores in the southern island province of Hainan, in a bid to boost their sales and expand business channels, in the wake of the new duty-free policy.