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Yang Wenli, CEO of the Beijing-based company, said the new system will enable vehicles to reach level four autonomous ability, where cars can handle most driving situations themselves, and be able to drive at a maximum speed of 120 kilometers per hour on highways.

Ye said he had low expectations to get funding through issuing corporate bonds and that private companies have fewer advantages than central SOEs.

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Yeah, and it’s a funny thing, because I am now a shark on Shark Tank, and I was on both sides, and so I feel the empathy for peoples’ businesses, but at the same time, I’m also a real investor there, and it’s my money, so from the numbers side, if I’m going to invest 0,000, or whatever, in a business, that’s real money, and so I need to see what is really going on with the business. I try not to give advice to people, but I think the one thing is, tell me why you’re doing a business, because a lot of the time we’re talking about numbers and all these things, but businesses take a long time, seven to ten years to become successful.

Xu was referring to China's urbanization program for building new towns with distinctive features, which are usually themed around a single industry such as high-end manufacturing or tourism.

Xuzhou Construction Machinery Group plans to launch 84 new types of customized cranes in overseas markets this year.

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Xu said future headwinds for Pinduoduo include the surging challenges and costs to acquire new customers, as well as its lack of core competence in technology and logistics.

Yang Bo, who manages an orange farm in the district, regularly buys manure to fertilize the 7,000 orange trees on his farm.

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Xu said he felt happy to find that his special interest in language was also useful in his work.

Yang made the comments after the announcement of a decrease in the birthrate last year, despite implementation in 2016 of a universal second-child policy that allows all couples in China to have two children.