Still, the process would be gradual given the US dollar's global dominance and deep and liquid financial markets in the United States, which would be hard to replicate in the near future, the report said.
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Still, the increasing numbers shouldn't cover up a lack of winter sports culture and talent in the sector, said Li Yingchuan, a deputy director of the administration.
Success stories of this model are seen in countries like Ghana and Kenya, where the youth have used mobile technology in improving agricultural production and in turn encouraged governmental and policy support for youth-driven innovation. Africa can learn from its leading trading partner, China, and invest in its youth, allowing them to add their quota to the development of the continent.
Strength in both the manufacturing and services industries supported the Caixin China Composite Output Index, which covers both manufacturers and service providers, to jump to a seven-year high of 53.7 in January.
Still, what is happening in terms of China's economic transformation, led by supply-side structural reform, has been an example of success that the world can follow, said Liu Shijin, vice-president of China Development Research Foundation.
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Such businesses typically depend on bank lending because they're too small to tap the bond or equity markets.
Steve Wozniak, co-founder of Apple Inc, discusses technology and education with Liu Yachao, chief operating officer of TAL Education Group, during the Global Education Summit 2018 which ended on Dec 5. [Photo provided to chinadaily.com.cn]
Steve Huang, CEO of DHL Global Forwarding China, said the service is the latest development of DHL in supporting the Belt and Road Initiative with increased logistics capabilities from China to European cities in a faster way.
Stocks opened strongly, boosting the Dow Jones Industrial Average by nearly 1,000 points after the opening bell. But the early gains faded throughout the morning and the blue chip index fell into the red.