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As a signal of Italy's enthusiasm about fostering deeper China ties, Tria visited the nation on his first overseas trip outside Europe since taking office this June.

As explained by Cherrie Shi, senior counsel of legal firm FenXun Partners, major reasons for multinational companies moving their manufacturing bases from China to counties in Southeast Asia include China's rising labor costs, overcapacity in heavy industry, and stricter rules and regulations on environmental protection. On the other hand, technology development and skills of the labor force have improved over time in China.

As central SOEs took proactive measures to tackle complicated economic situations both at home and abroad by expanding global market channels and adding expenditure on research and development, their net profit jumped 8.6 percent year-on-year to 703.77 billion yuan (2 billion) in the first half of this year, data from the SASAC show.

As for monetary policy, the policy stance can remain accommodative in much of the region given that inflation is generally still muted. Nonetheless, central banks should be vigilant, since our analysis suggests that much of the undershooting of inflation targets in Asia has been explained by temporary, global factors, such as commodity prices and imported inflation, which could reverse.

As advances in technology evolve, they are increasingly being adopted into medical device and diagnostic products, and integrated into other business verticals involving nutrition, fitness and the like.