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China isn't just a manufacturing hub anymore, UBS says

2018-01-09 09:42:46       source:CNBC

January 8, 2018

Beijing's push to transition its economy has led to the country moving on from simply being known as the world's factory, according to a top executive at Swiss bank UBS.

"A lot of things are being created now in China, rather than [it just] being a manufacturing hub," Kathryn Shih, president of UBS Asia Pacific, told CNBC on the sidelines of the UBS Greater China Conference in Shanghai.

"China is at the forefront of a lot of changes in financial technology. So we see a lot of financial firms using China technology now, whether it's local firms or even international firms," she said.

Changes have also come to the manufacturing front as China moves into more high-tech sectors, with Shih pointing to developments in the Chinese electric car industry.

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