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Around 600 entrepreneurs, prominent investors and academic experts attended a summit held to explore the trend of new economy in Xiamen, Fujian province, on Friday.

Around 5.9 million yuan in special funds were allocated by the Office of Science and Technology in Inner Mongolia, to financially support the construction of a production demonstration line at the Baotou Rare Earth Research Center.

As Japan-based electronics firm Omron shut down its Suzhou plant in July, the company, on the other hand, expanded its investment of 1 billion yen (.84 million) in Shanghai. The newspaper said Omron showed its confidence in China as the move was taken to improve its investment structure in Chinese market amid local competition and increasing labor cost.

Application of AI technologies to socio-economic development should be intensified to advance the industrialization of the technologies so as to create good momentum for the integration of technological innovations with industrial applications, Xi said.

Apple’s services revenue for the quarter was a record .3 billion, more than twice its combined revenue from Mac and iPad sales, and nearly 23% of the company’s overall quarterly revenue of billion. Services include digital content and streaming, AppleCare, iCloud, licensing and similar forms of revenue.