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As people's lifestyles are reshaped by new business models and as technological advances deepen, new business models are expected to keep springing up and injecting new growth momentum, despite external uncertainties, according to Liu.

As of May 5, VC-backed Asian tech companies raised .3 billion in 458 deals this year, according to CB Insights. On a quarter-on-quarter basis, funding more than doubled in the first quarter and the deal count crossed 300 for the first time since the first quarter of 2016.

As part of efforts to support the growing number of families caring for elderly or disabled relatives, the Shanghai government has opened 79 respite care centers since 2015.

As part of the loan extension support tools, banking institutions are encouraged to enrich credit products and lower the credit loan interest rate, according to one of the circulars.

As part of its efforts to deal with the challenging task, Huawei has established a research institution in Beijing to test the function of smartphones before they are shipped. With an area of 12,000 square meters, the institute has 23 labs and can test 5,000 smartphones simultaneously.