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"China leads the world in the application of blockchain technology," said Huang Zhen, a professor with the Central University of Finance and Economics. "The technology is widely used not only in the financial sector but also in government services, which has become a key driving force for improving the business environment."

"China has a long history of literature, so I looked to the four great Chinese classical novels for inspiration," she says. She chose Dream of the Red Chamber, a love story which Yang says was more suitable for a female pianist.

"China has been exploring the relationship between government and market by carrying out a series of pilot reforms," Xu said.

"Capital market functions will be impaired without the registration-based IPO mechanism and hence would not be able to serve technology startups with high efficiency. Therefore, efforts should be made to push forward this very basic mechanism of the capital market. But at the same time, progress should be made with no haste, allowing the capital market to mature and accept the wider adoption of the mechanism as well as the completion of related policies," he said.

"But we are confident that China can well handle this debt issue as the government has started to take effective measures," she added.