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"Fueled by the government's supportive policies, forward-thinking domestic internet and tech titans, the country's IoT sector has actually entered a new stage of rapid development over the past year," Cao Wenzhong, vice-president of the China Economic Information Service, told a news conference in Wuxi, Jiangsu province.

"For example, freezing of assets of Mitsubishi could also be expected if no compensation agreements were reached," Yu added.

"From the outside you always have an impression about a place or space that you haven't been to, that this is how it will be, in spite of hearing that our films are being liked," he said, "it's quite a revelation that people are so warm."

"For the majority of our customers－those born after the 1990s－they spend money not just for the product per se but for a change of lifestyle. So what they really value is the experience that a brand can bring."

"For the poorest countries, poverty is rising rapidly, median incomes are falling, and growth is deeply negative," he said. "Debt burdens -- already unsustainable for many countries -- are rising to crisis levels."