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Yan said IDG Capital also had great confidence in the services industry, as services would exceed products as the main driver of China's consumption growth.

Yang Bo is now the deputy chief designer of China's new manned submersible that is being prepared to dive to a depth of 11,000 meters underwater.[Photo provided to China Daily]

Yahoo, Google and Dish Network?were also said to be among the bidders.

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Yan Xuetong, director of the Institute of International Relations at Tsinghua University, said while competition between China and the US is intensifying, the global economy might take a downturn, opening up the possibility of a new economic crisis. However, the ever-fiercer Sino-US competition is not necessarily behind the downturn of the world economy, Yan told the magazine China Newsweek. "The two incidents just happened concurrently."

Yang Demei, a member of China Democratic League and deputy governor of Minhang, suggested the new area adopts a more relaxed supervision system to ensure free flow of goods within the area for transport and processing, which will help attract more multinational companies, especially those involved in the processing business for re-exporting.

Yang Yuanqing, chairman and CEO of Lenovo Group Ltd, said China already has the world's largest industrial system and efforts to boost the modernization level of industrial chains will help China become a smart manufacturing powerhouse.

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Yang Dong, head of the Financial Technology and Blockchain Research Center, part of the Law and Technology Institute at the Renmin University of China in Beijing, said in an earlier interview with China Daily that the coronavirus epidemic may accelerate the introduction of digital currency and face-to-face exchange of physical money will further decline, because of concerns of possible infection.

Yan said the center will be mainly engaged in three sectors, which include AI and big data, next-generation semiconductor display technology and new material, as well as intelligent manufacturing and the industrial internet, adding it is of strategic significance in TCL's global expansion and will further enhance TCL's capacity in technology innovation.

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Yang said we should maximize advantages in the industrial and supply chains, as well as make efforts to promote the level of manufacturing. New infrastructure developments will drive manufacturing in the directions of automation, digitization and intelligence.

Yellow metal prices are likely to remain buoyant in the second half of this year, given the continuing uncertainty over global economic growth and growing jewelry demand, said Zhu Yi, senior analyst of metals and mining at Bloomberg Intelligence.