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As a cutting-edge technology that is sought after worldwide, the AI industry is regarded a new growth engine for Shanghai, a city with special advantages in big database, industrial foundation, and sufficient talents from universities and institutions, according to Chen, adding that the massive data resources are the first and foremost element for developing AI technology.

As a new round of value-added tax rate cuts were implemented starting May 1, Apple Inc and some major automakers cut their product prices in China.

As economic activities gradually normalize in China, the government will guide both central and locally-administered SOEs to build an industrial supply chain based on mixed-ownership reform to jointly create a favorable industrial and economic ecosystem, said Hao Peng, chairman of the State-owned Assets Supervision and Administration Commission of the State Council.

As a result, banks must enhance their capability in big data integration, said Liu Guiping, president of China Construction Bank Corp.

As UBS calculated, overseas institutions' investment in the A-share market has surged from 555.5 billion yuan (.1 billion) in 2014 to 1.6 trillion yuan by the end of June this year, among which 60 percent came from the stock connect program between the trading houses in Shanghai, Shenzhen and Hong Kong. Although the Chinese forex regulator doubled the total QFII quota to 0 billion earlier this year, only 1.4 billion of that quota has been used so far.