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"China is now the world's second-largest economy. China has lifted more than 700 million people out of poverty and it has built the world's largest network of basic pension insurance system, which has covered more than 900 million people, and a basic health insurance system covering 1.3 billion people."

"China is of high importance to the BMW Group, both as a market and as a location for production and innovation," said Milan Nedeljkovic, member of the board of management of BMW AG.

"China already has goods and services FTAs with ASEAN, which are working well," said Amitendu Palit, a senior research fellow and lead for trade and economic policy at the Institute of South Asian Studies in Singapore.

"Changes are coming so much faster these days than in the past. By the time you finish analyzing all the data you're given, it's too late to act," he said, adding that qualified leaders should be able to act in an environment of imperfect and incomplete information while quickly correcting the mistakes they have found in the decision-making process.

"By sharing enterprises' credit information, we will be able to act. The honest and law-abiding get a green light and those that are discredited get tougher inspections," said Zhu Haibin, chief of the enterprise management section at Shanghai Customs.