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Among others, it plans to introduce at least two new models a year and to produce sedans within three years.

America is good at innovation but America does not hold the exclusive "patent" on innovation. The past 40 years of reform and opening up in China have seen the country highly integrated with the world and supplying the global market with goods that are not only "made in China" but also "created in China" and "innovated in China". China's economy is in a transition from high-speed to high-quality growth, with an emphasis on innovation, which has been an enabling force behind China's remarkable progress in IP protection.

American Express is still waiting for regulatory approval for its Chinese joint venture to start the clearing and settlement business in China.

Among the "three tough battles" ahead, averting financial risks is a major focus expected to back China's economic transformation, with the role of the market to be highlighted in efforts to reduce financial leverage.

Ambitious expansion