China's millennial generation has brought strong momentum to the country's luxury personal goods consumption, which grew by 20 percent in 2017.
When Torstein Hagen started his career in the cruise industry more than 40 years ago, it was nothing like it is today. He said a cruise, whether on a seafaring ship or by river, should be quiet and elegant, rather than the currently prevalent profit-driven cruise model, which involves a bigger ship and more pressure to spend money on board.
The rapid development of the Chinese mainland's e-commerce sector has offered the world "valuable lessons" on how to boost the economy with the internet, said Tara Joseph, president of the American Chamber of Commerce in Hong Kong, or AmCham.
China aims to cut the average debt-to-asset ratio by another 2 percentage points for its centrally administered, State-owned enterprises by 2020, the country's State asset regulator said on Wednesday.
The war on financial risks will continue this year in China, with renewed efforts to crack down on shadow banking activities and further rectification of financial irregularities, said the head of the nation's banking regulator.
The country's top insurance regulator on Wednesday released an action plan to resolve major risks in the industry, vowing to tighten regulation of insurers' shareholders, and to take action against poor corporate governance and risky capital management and investment.
A report that US lawmakers urged AT&T Inc to cut commercial ties with Chinese telecom equipment giant Huawei Technologies Co Ltd and to reject plans by operator China Mobile to enter the US market, has sparked serious concerns in both countries.
Subsidies for new energy cars will be cut further this year before being phased out in China altogether by the end of 2020, a source close to the matter said on Wednesday. The move would accelerate the exit of uncompetitive players from the fast-growing sector.
Chinese foreign direct investment into the United Kingdom more than doubled from $9.2 billion in 2016 to $20.8 billion in 2017, despite uncertainties over Britain's pending exit from the European Union.
Foreign direct investment into the Chinese mainland soared to an all-time high of 877.56 billion yuan ($136.36 billion) in 2017, up 7.9 percent from 2016, official data showed on Tuesday.
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