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"China's audiovisual market is growing rapidly. But now many video platforms are becoming more and more similar to one another which makes them more challenging to user numbers and advertising revenue," said Wei Pengju, director of the Institute of Cultural Economics at the Central University of Finance and Economics in Beijing. Companies in the audiovisual sector are certainly aware of the challenges and are actively seeking solutions. The Xigua video app now targets the new mid-sized video sector to win more users.

"China should seize the opportunities to boost innovation in deep learning, smart algorithms and chips, and modernize industries with AI technologies," Lin Nianxiu, deputy head of the National Development and Reform Commission, said at the congress held from May 16 to 18.

"Chinese banks should ensure that foreign investors can freely remit yuan-denominated returns from profits and stock dividends," it said. The move will encourage foreigners to use the Chinese currency for direct investments into the country, it said.

"China-Latin America cooperation does not target nor exclude any third party," Qiu said.

"Companies are market-oriented," Gao said. "China has a large-scale market, complete industry-supporting capabilities, sufficient human resources and well-developed infrastructure. The so-called' reducing dependence on China 'does not conform to market rules and will not become the basis for corporate investment decisions."