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As for the countries of Latin America and the Caribbean, Panama was the first to join in November 2017. In January 2018, the second ministerial meeting of the China-Community of Latin American and Caribbean States Forum was held in Chile, during which a special declaration on the initiative was approved. Also that year, 15 countries from the region signed agreements with China on the BRI; currently there are 19.

As for farmers, The Wall Street Journal reported on Tuesday that the Trump administration is considering putting together a relief package for farmers that could be in the billions of dollars if Chinese tariffs on US agriculture products are implemented.

As a major global investment destination, China has maintained stable growth in foreign direct investment against a gloomy global setting. Its FDI grew by 3 percent year-on-year to 5 billion in 2018, while the figures for the world as a whole and developed countries dropped 41 percent and 69 percent, respectively, in the first half of last year, said Zhong.

As early as 1991, Huawei, back then just a four-year-old company, set up its own application-specific integrated circuit design center, marking the start of its long journey into the semiconductor industry, which is dubbed as the crown jewel of the electronics business.

As a result, incumbent banks like DBS have embarked on digital transformation inspired by platform players like Alibaba and Tencent, according to a McKinsey report on the importance of ecosystems. Over the past five years, DBS has invested S billion (1 million) annually in its transformation, resulting in a substantial increase in digital customers from 33 percent in 2015 to 48 percent in 2018.