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"China's textile industry urgently needs to figure out how to face the challenges brought by the new era of reform and opening-up," said Sun Ruizhe, president of the China National Textile and Apparel Council. He added that "technology, fashion, green" has become the new label for China's textile and garment industry.

"Company leaders need to focus more on using data for accurate analysis, which can enhance the whole process, ranging from product design and target groups, to marketing tools and after-sale services," Li said at the 2018 iPinYou Artificial Intelligence Conference.

"China's uniquely advantageous position on the global economic stage is incomparable. The country offers an enormous wealth of hard-earned experience as well as technology that can be shared and transferred among developing countries," said Rachel Duan, president and CEO of GE China.

"China's current foreign debt ratio is much lower than the international level," the ministry said.

"Compared with banks, small nonbank financial service providers usually have better understanding of the risks associated with micro and small market entities and are more aware of their real needs," said Bei Duoguang, president of the Chinese Academy of Financial Inclusion at Renmin University of China.