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He said supply-side structural reform prioritizing the opening of the service industry will unleash the potential of huge domestic demand.

He said China is the world's largest car market and has a large urban market, which means great potential for affordable electric MINIs.

He pointed to important research being done at the University of Washington, Microsoft Research and the?Allen Institute for Artificial Intelligence. AWS and Microsoft?Azure?both offer cloud-based machine-learning services, and Microsoft in addition is reportedly?building Open Mind Studio, an as-yet unannounced machine-learning suite. In addition, McIlwain noted the presence in Seattle of “a ton” of startup activity centered on AI and machine learning, including several companies backed by Madrona.

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He said that over the past day or so there had been a "significant reduction", however, in the numbers of people seeking to leave.

He said a false narrative has been created of intellectual property theft, forced technology transfers and cyberhacking as state-sponsored industrial policies.

He said China alone now accounts for 34 percent of global growth and has become its largest contributor.

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He said he believed that the penetration of the internet in traditional industries is a self-motivated process by entrepreneurs and is not something that can be designed at first.

He said industrial output growth was on the rise and consumption has become a major pillar of growth, indicating that the economy's inherent growth momentum is strengthening.

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He said a constructive narrative is that China-Africa cooperation has been based on basic principles of win-win, mutual respect and the principle of non-interference, which has been able to give it a solid base.

He said China focused deeply on high technology development and "its shift to a more service and consumer driven economy is a very positive thing for the UK."