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Another factor contributing to China’s achievements has been opening-up, which has helped China to leverage its comparative advantages and raise its competitiveness and development level by integrating it into the global division of labor and industrial and value chains. In this process, we have also endured huge pressure, paid a high price, and experienced growing pains. Some obligations China assumed upon WTO accession far exceeded what was required of a developing country and even approached the level of a developed member. For example, China undertook to cut tariffs for agricultural products to around 15%, only one quarter of the world’s average level and lower than that of many advanced economies. Some industries in China were inevitably affected in the open marketplace, leading to bankruptcies and lay-offs. In some sectors, domestic brands came to be outnumbered by foreign ones, such as in passenger vehicles.

Another index is China's low car ownership per thousand people. Although the country has been the world's largest car market since 2009, there is only about 173 people out of every 1,000 owning a car.

Ant Financial is an affiliate of China's e-commerce giant Alibaba. Alipay is one of China's two biggest e-payment platforms, with more than 1 billion annual active users. It was valued at 0 billion after raising about billion its latest round of private fundraising activities in 2018.

Another SOE involved in building key infrastructure is CCCC Tianhe Mechanical Equipment Manufacturing Co, a unit of Beijing-based China Communications Construction Co Ltd. The SOE reported on Monday that it had excavated more than 200 meters of tunnels via using its self-developed tunnel-boring machine, or TBM, in the construction of a 22-kilometer-long expressway tunnel, the longest of its kind in China, at Shengli Tunnel project in the Tianshan Mountain area in the Xinjiang Uygur autonomous region.

Another reason driving the sales surge during the Singles Day event was that carmakers were making the most of probably the last major opportunity in the year to sell cars, after the conventional golden months of September and October.