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"China will succeed in building a moderately prosperous society in all respects this year, with health becoming a huge industry," said Li Hua, deputy director of the Zhejiang Provincial Sports Bureau.

"Combustion engines will remain the backbone of our CO2 goals as well as our financial performance over a considerable period of time," he said.

"Costco is good at building a loyal shopper base through its paid membership program with low prices and a select number of stock-keeping units. The question is whether they can replicate this in China easily," said Jason Yu, general manager of Kantar Worldpanel China.

"Considering that the regulator has significantly shortened the process of granting preparatory approvals to Bank of China Ltd and China Construction Bank Corp, and that many banks - especially large ones - have almost completed the preparatory work in terms of organizational frameworks, operating systems and staffing, the first batch of wealth management subsidiaries are expected to be formally established around the middle of this year," said Yang Yu, an analyst at the Shanghai-headquartered Hwabao Securities Co Ltd, in a research note.

"Compared with many countries, the third pillar has seen relatively slow growth in China, taking up a low proportion within the whole pension system and providing far from adequate support for retirement funding," Guo said at the Annual Conference of Financial Street Forum 2020 in Beijing in October.