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Another factor contributing to China’s achievements has been opening-up, which has helped China to leverage its comparative advantages and raise its competitiveness and development level by integrating it into the global division of labor and industrial and value chains. In this process, we have also endured huge pressure, paid a high price, and experienced growing pains. Some obligations China assumed upon WTO accession far exceeded what was required of a developing country and even approached the level of a developed member. For example, China undertook to cut tariffs for agricultural products to around 15%, only one quarter of the world’s average level and lower than that of many advanced economies. Some industries in China were inevitably affected in the open marketplace, leading to bankruptcies and lay-offs. In some sectors, domestic brands came to be outnumbered by foreign ones, such as in passenger vehicles.

Another possible area is the cross-boundary use of customer records in the financial industry, such as accepting credit and identity records issued in Hong Kong for Hong Kong residents to open bank accounts in other parts of the Greater Bay Area. It could also see Hong Kong banks accepting customer records from the mainland, it said.

Apart from Money 20/20, Ascential also has other projects that include the Cannes Lions festival for the branded communications industry and global fashion trend forecasting service provider WGSN.

Apart from supporting major environmental projects, China also resorted to environmental economic policy to steer businesses toward sustainable growth, unveiling a plan in December to establish a national green development fund in 2020.

Another region that would be hit is the MaerkischerKreis region in western Germany, where there are many export-oriented small and medium-sized firms.