Quotable

"The gap between Chinese products' technical parameters and international standards still exists. Blind investment in production capability without proper forecasting mechanisms only leads to overcapacity."

Elton Huang, domestic market initiatives tax leader at global consultancy firm PricewaterhouseCoopers China, says that lack of innovative technologies and manufacturing forecasts are hampering Chinese companies and causing rising trade friction.

"The ultimate goal should be to lift the control over deposit interest rates so that private banks can truly have an edge over their state-owned counterparts."

Hu Yuexiao, an analyst with research firm Shanghai Securities Co, saying that the relaxation of financial controls will spur the entry of more private lenders in China. China's central bank is encouraging the establishment of private banks in less developed areas to drive an inclusive business finance drive.

"Alibaba hopes to overtake Wal-Mart to become the world's biggest e-commerce retail company by 2015."

Jack Ma, founder and former CEO of Alibaba Group and the current chairman of Alibaba Group Holding Ltd. Alibaba's e-commerce business would soon overtake the total retail e-commerce volumes in markets such as the US by the end of this year, he said.

(China Daily Africa Weekly 09/20/2013 page18)