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"China Region and Asia Region have been split in view of the importance of the China market and the Asia markets, respectively," the carmaker said in a statement in December.

"China is the leader in delivering products, services and applications that drive the internet of things. Cypress is leading in delivering intelligent, secure and connected solutions. Together, we can imagine and build the future we all want to see," he said.He made the remarks on Wednesday at a ceremony held in Beijing to celebrate the company's 20th anniversary in the Chinese market."Seeing China's rapid development during the past 20 years, we are now actively embracing IoT, smart connected vehicles and other emerging technologies,"El-Khoury said.With its new Made for China & Enable China strategy, the company will further increase spending on hiring talent and research and development, with the aim of meeting local clients' demand for localized, high-quality services.With more than 300 local employees, the Nasdaq-listed company has established branches in Beijing, Shanghai, Shenzhen in Guangdong province, Chengdu in Sichuan province and Hong Kong. The company has partnered with dozens of local companies, including Alibaba, Huawei and Xiaomi.

"China and the US, the two major countries, bear special duties in this regard," he said.

"By choosing to visit China, you show that you attach great importance to developing relations with my country, and we, too, share the same readiness to develop relations," Xi said.

"But with the financial crisis, things got worse slowly," Naruse said. "This time, they got bad all at once."