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As a retailer which once mostly operated brick-and-mortar malls, Ikea China carried out its transformation strategy with the aim of boosting convenience and accessibility for consumers. It developed smaller-sized stores in downtown areas to accelerate its omni-channel retailing, Brenti said.

As artificial intelligence (AI) transforms the financial industry, Ant Financial, the Alibaba Group's financial affiliate, is trying to utilize AI technologies to target individuals and small businesses.

As firefighters were dying in Bolivia and new blazes appeared in Brazil, regional leaders signed an agreement to protect the rainforest, particularly from burning and illegal logging.

As consumption is becoming a major momentum for economic growth, China should continue to boost domestic demand by increasing disposable income's proportion in the GDP, enhancing social security and encourage product innovation, the report added.

As a matter of fact, the entry policies in these sectors target both foreign firms and domestic businesses alike. On the other hand, subsidies for domestic electric vehicle producers have been significantly reduced to create a fairer environment for foreign investment.