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As a province that used to rely heavily on coal mining, Shanxi in North China is now diversifying its economy through industrial reform.

As a full entity, that would still be a big chunk for any company to take on. Facebook’s largest acquisition to date is its billion purchase of Instagram, while Amazon.com’s biggest to date is the nearly 0 million purchase of Zappos.

As foreign investors are keen to see improvements in the protection of intellectual property rights in China, the government must pay more attention to IPR protection. China should step up its efforts to eliminate illegal IPR activities, establish more IPR courts and increase punishments for violators. Any company that violates IPR must be severely punished, even to the point of causing bankruptcy. It is equally critical to improve government services. As 2020 is the first year for the implementation of China's Foreign Investment Law, the government should further cut the items on its negative lists in both FTZs and at the national level.

As a beneficiary of China's opening up, Vanguard received its RQFII status in China in 2015 and has so far committed over .2 billion to the A-share market, holding shares of over 1,800 listed companies.

As a city with an area of only 30 square kilometers, Macao has to choose its pillar industries carefully, retain its attractiveness as a city, present itself to the world's tourists in its best shape.