Emerging tech leads the way in manufacturing: Zhou Hongyi

Zhou Hongyi, chairman and CEO of Qihoo 360 Technology Co Ltd, speaks at a press conference for the second session of the 13th CPPCC National Committee in Beijing on March 6, 2019. [Photo/Xinhua]

Emerging technologies including the internet of things, artificial intelligence, blockchain and many others are paving the way for a new generation in the manufacturing sector, as an integral use of these technologies can shore up the development of new business models, products, and services for the traditional manufacturing industry, said Zhou Hongyi, chairman and CEO of 360 Security Technology Inc, and a CPPCC National Committee member.

"Going forward, the two industries will see a closer tie-up instead of seeing one replacing another," Zhou said.

Banks urged to expand loan products for private companies: Ye Qing

Ye Qing, chairman of Beijing Yeshi Enterprise Group Co Ltd, speaks at a press conference for the second session of the 13th CPPCC National Committee in Beijing on March 6, 2019. [Photo/Xinhua]

China's financial institutions should include more medium to long-term loan products, in order to help the country's private companies access investment easily, said Ye Qing, vice-president of All-China Federation of Industry and Commerce.

"For small and micro businesses, banks should enhance their guidance on giving loans, in order to solve the problem of information asymmetry," said Ye, who is also a member of the National Committee of the Chinese People's Political Consultative Conference.

He added that as the business environment varies in regions, major State-owned banks should offer loan products based on local conditions, to provide private enterprises with more choices.