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"Escalators are one of our core products and our escalator factory in China serves global markets. The upgraded Otis escalator factory underscores our confidence in the China market," he said, adding that the group is committed to continue meeting the needs of its customers in China, the world's largest elevator market.

"During that time, there were a lot of cultural exchanges and it was a time when China was prosperous and strong," Jiang said.

"Everyone is taking classes during the summer holiday. I don't want my child to fall behind," said a 40-year-old mother from Shanghai.

"During the process, many foreign companies will spend more than 3 percent of their total revenue on digital transformation. Chinese firms, on the other hand, may spend 1 percent to 1.5 percent of their revenue for the same," Sun said. "It is a good thing that more and more Chinese companies now consider digital transformation a priority. But it will still take a long time for them to increase the IT spending and finally enter the mature period when the integration of IT and the firm's business will foster new opportunities and generate new revenue streams."

"Every city should think about developing unique tourism resources that would enable it to stand out from others," he said. "Many people the world over would like to see a Broadway musical while visiting New York, but performances in China are mostly high-priced and out of reach for most."