For China, the deployment in the Gulf of Aden is as much about flying the flag and showing solidarity with a multinational effort as it is about making a real difference to the security of Chinese shipping in the region.

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The growth of art investment funds and trusts in China seems to have accounted for at least half of that difference, even though the report also estimates that Chinese art investment funds and trusts raised considerably less cash then they did last year.

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"If at the end of the day people can tell the difference between Korean-Americans and Chinese-Americans, I consider that a major victory, " says Hong.

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