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"But we see that as an investment in the longer term. We are building our own type of intellectual property protection around it, so that we also have a sustainable profit model for the long term. I think in five to 10 years from now, bio-based will be the mainstream."

"China accounted for approximately 30 percent of the cumulative growth in world GDP since 2010; absent this support, there is a very good chance that the world would have lapsed back into renewed global recession in the aftermath of the financial crisis," he said.

"By monitoring oil pipelines, the satellites can raise an alarm and point out locations if anything like an oil leakage or theft occurs. They can also be used to monitor ocean shipping and other logistics," said Xie Tao, founder and CEO of Commsat.

"By opening up the market, China is giving Volkswagen new business opportunities," said Volkswagen Group China CEO Stephan Wollenstein in a statement.

"By pushing forward development of the STAR Market, we aim to promote reform of the whole capital market, nurturing more high-tech innovative enterprises and furthering economic upgrading," said Pi Liuyi, deputy director of the China Securities Regulatory Commission's Department of Market Supervision.