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"From the mid-to-long term perspective, the application of blockchain technology is crucial. It is key to the companies' performance as well as the success of their investment," Yang stated.

"For a lot of people, Chinese beauty reminds them of tradition rather than fashion. Young people may at first feel TCM is not for them, but we have transformed the products in terms of marketing, packaging and product range."

"For new product launches in China, we are moving from 'intuition-driven readiness' to the employment of data that depict the clear preferences of customers," said Charles Kao, president of cosmetics group Amorepacific's China unit, which saw nearly 30 percent of its revenue in China come from online channels.

"First, they need a scapegoat for the disastrous impact that the coronavirus pandemic is having on the lives and economic welfare of Americans, and to divert attention away from their own failings," he said.

"Financial regulators' tolerance of higher NPL ratios for SME loans will also motivate commercial banks' lending," he added. "The challenge is how to precisely assess SMEs' financial risks and to prevent fraud based on limited information. Utilization of big data and advanced technology such as AI may be the key."