Chinese firms are using technology to innovate business models that transcend prior paradigms while setting global standards in key areas of the new economy, an expert claimed on July 14 at a conference in Seoul.

Yet China has no choice but to embrace innovation, another expert emphasized, as the world’s most populous nation faces up to the burden of a rapidly aging population.

The experts were speaking at the two-day Asian Leadership Conference, which bought together leaders and professionals from across the globe in areas including geopolitics, geoeconomics, commerce and technology.

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