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Zheng Weihe, board chairman of Cowin Capital Group, pointed out private equity firms' previous arbitrage model, of investing before the IPO and immediately cashing out after, has come to an end.

Zhen said the economy still faces downward pressure, so some middle-class consumers in large cities, who have mortgages and other commitments, might lower their expectations for future earnings, or not have much disposable income. As a result, they would watch their spending more carefully.

Zhou Jianliang, deputy general manager of CNOOC Sci&Tech Development Dept, made the remarks at the Offshore Technology Conference (OTC) that kicked off in Houston on Monday.

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Zhang said the UK Government Communications Headquarters, or GQHQ, as well as two parliamentary select committees concluded that any technical risks relevant to Huawei were manageable.

Zhang, however, believes most companies are still taking a “wait-and-see attitude” before embracing new technologies and digital transformation.

Zhao Fanchao and his carriage on the way to Lhasa in the Tibet autonomous region. PHOTO PROVIDED TO CHINA DAILY

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Zhang said the trains will be used in Central China's Hunan province, where the nation's first 100 km/h maglev rail line has been "operating safely and smoothly" since last year.

Zhao Ping from the research department of the China Council for the Promotion of International Trade estimated that tariffs on imported automobiles could be reduced by 5 to 10 percent.

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Zheng's Sesame Candy, in Luotuoya village, Donghua town of Dengfeng city, is a time-honored brand with a history of over 300 years. The candy from here is extremely crisp and sweet, and the technique used in its making was listed as an intangible cultural heritage item for Dengfeng in 2018. Zheng's Sesame Candy was also invited to take part in the Lunar New Year activities at the Palace Museum in Beijing in 2019, an event organized by the Ministry of Culture and Tourism.

Zheng Jinqiang in Brussels contributed to this story