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"China-Singapore relations have maintained a good momentum of development, and I hope the institute will deepen the opening-up of China's education to the world, and contribute to Singapore's development as well as the future of all mankind," says Hong Xiaoyong, the Chinese ambassador in Singapore.

"China's diplomacy has made remarkable progress," he said.

"Chinese mainland's continued effort to open up means that it will continue to expand existing business and financial schemes as well as roll out new programs in the future where Hong Kong will play the key role as the gateway," said Tommy Wu, lead economist of Oxford Economics, a British think tank.

"Chinese online celebrities have higher education levels and younger fans, and endorsing brands is becoming their main way to make money," the report said.

"Chinese banks should ensure that foreign investors can freely remit yuan-denominated returns from profits and stock dividends," it said. The move will encourage foreigners to use the Chinese currency for direct investments into the country, it said.