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"But we need to pay attention to regulations and the worldwide discussion in this direction should be heard," said Qi, who left Tsinghua University earlier this year to take up his new post.

"CIIE serves as the platform for international procurement, investment promotion, cultural exchange, and opening-up and cooperation," said Wang Bingnan, vice-minister of commerce and director of the CIIE Bureau, while addressing the ceremony. "Amid the COVID-19 pandemic, to successfully host the third CIIE shows China's crucial role and responsibility in restoring the global economy," he added.

"China is the world's second-largest luxury market, and we are delighted to have such a respected partner. This partnership addresses the market's challenges by combining the Farfetch brand and curation with the scale and influence of the foremost Chinese e-commerce giant," said Jose Neves, CEO of Farfetch, which raised 0 million in 2016 in a Series F round of funding.

"By monitoring oil pipelines, the satellites can raise an alarm and point out locations if anything like an oil leakage or theft occurs. They can also be used to monitor ocean shipping and other logistics," said Xie Tao, founder and CEO of Commsat.

"China Life is slightly weaker in large and medium-sized cities", Su admitted. "But solutions outnumber problems. As the middle-income group is expanding in major cities, we will be constantly in touch with their needs through building up new teams and product models."