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"China was not rich at that time, but decided to build the Tanzania-Zambia Railway," he said, noting that the reason to build the railway was to break colonists' suffocation of Zambia.

"China's current financial system mainly consisted of banks serving an economy dominated by the manufacturing sector. Looking ahead, however, the services sector, especially technological innovation enterprises, will become the driver of the Chinese economy," Hong said.

"China-Singapore cooperation has now been deepened with the launch of the Suzhou Industrial Park and other initiatives. Singapore has established economic and trade cooperation mechanisms with eight Chinese provinces and cities, including Shanghai and Guangdong," said Han Xiaoyong, Chinese ambassador to Singapore.

"Commercial war is not the proper answer to this evolution," he said. "A commercial war ... is not consistent with our mission, with our history, with our current commitments for the global security. At the end of the day, it will destroy jobs, increase prices and the middle class will have to pay for it."

"Competition is intensifying among different countries in the digital trading sector. We believe, Beijing, as the national capital and a major science and technology center, should leave its mark in the sector," she said.