And because China has been a very powerful and large market, and will continue to grow, it will form a very important and interesting reference point for advertising globally.

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Reaction across the European markets has been positive because the move suggests China has an economy and a population that will continue to be a good taker of western goods and services.

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Because GGV has close ties with China companies, the firm has been active helping with a number of recent high-profile China mergers and acquisitions.

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Analysts said China has been slow to develop the industry because of a lack of technical expertise.

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The mission is also notable because China's first Mars satellite, Yinghuo-1, has been launched piggy-back on the main Russian spacecraft.

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Chi-Med was able to skip the early-stage trial with its Crohn's disease drug candidate because its active ingredient, the herb andrographolide, has been used in China for decades to treat respiratory infections and inflammation.

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All this is partly because French rival Pernod-Ricard has been quicker off the mark in China this past decade, building up a dominant slice of the international-branded market with drinks such as Martell and Ballantine's.

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In the U.S., the rice-futures contract has been moving in a narrow range for the past year, largely because China doesn't buy rice from the U.S. Some U.S. rice farmers have noticed and are pushing the USDA and Chinese authorities to allow U.S. rice to be sold in China.

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"Inflation has been damped pretty dramatically in the U.S. because it exported work to China and other places at 20% or 30% of the cost, " said Hal Sirkin, a consultant at Boston Consulting Group.

WSJ: China's Rising Wages Propel Prices