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Another potential push for the renminbi is China's domestic consumption. Domestic consumption contributed 64.1 percent to GDP growth by the end of the first quarter of this year. The figure is expected to be higher in the years to come, making China a major final destination in trade relations with other countries－a fundamental support for trade invoicing of the currency.

Annual photovoltaics generation capacity, via solar energy, reached 118.2 billion kWh, up by 78.6 percent compared with a year earlier. Biomass power generation capacity reached 79.4 billion kWh on an annual basis, up 22.7 percent from a year earlier.

Another industry leader, Alibaba Cloud, the largest cloud partner in China, also launched an array of cloud and artificial intelligence (AI) products and solutions at the MWC, ranging from big data and artificial intelligence to infrastructure, security and private cloud solutions. The key products include Image Search solutions that allow users to search for information online and offline using images, and Intelligent Services Robot, a chatbot for business.

Another Chinese company Hongshi Cement has also entered into Nepal's cement sector with investment of 0 million under a joint venture arrangement with Nepal's Shivam Group. The joint venture company Hongshi-Shivam Cement has been constructing factory in Nepal's southern Nawalparasi district.

Apart from China, the firm's cycles can be found in London, Manchester, Florence, Milan, Singapore and Bangkok.