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"China has come to a critical period of upgrading and transformation," Dong added. "The domestic consumer market is entering a new era driven by technology, high quality and services. The generation born in the 1980s and 1990s has become the main force of consumption, and those born in the 2000s will also become new consumption drivers."

"China follows its own path," he said, referring to socialism with Chinese characteristics.

"China needs its next master of thoughts like Rao," Vandermeersch says. "Maybe this honor doesn't belong to us, foreign Sinologists."

"China is of strategic importance to Standard Chartered. We are honored to be the first international bank to be granted this license," said Bill Winters, group chief executive of Standard Chartered."China is already being recognized as a major financial market. We are excited to be part of this process as we work closely to support our clients in their custody needs."

"China is an essential part of our long-term strategy. We are confident in the market's future development," Koay said.