Quotable

"We are seeking opportunities to open duty-free shops in Southeast Asian markets like Cambodia to expand our global presence."

Zhang Bin, general manager in the strategy department of the CITS Group. In July, subsidiary China Duty Free Group Co Ltd signed a cooperation agreement with Beijing Huachao Investment Co for a duty-free shop project in Cambodia. Zhang said the CITS Group's first overseas duty-free shop will open within the next three years.

"The Chinese middle class is not necessarily the richest, as a large number of young people are put into this category, but they definitely promise more wealth with a bigger purchasing power in the near future."

Steven Chang, CEO of ZenithOptimedia Greater China. According to the Discover China's Emerging Middle Class survey released by ZenithOptimedia, China's emerging urban middle class totaled 125 million in 2012, and is expected to reach 356 million by 2020.

"Chinese energy companies are becoming more mature than before in overseas investments with better understanding of the business environment and projects abroad."

Wang Zhen, deputy head of the China University of Petroleum. China Petroleum and Chemical Corp, also known as Sinopec Group, the country's largest refiner, announced on Nov 15 that it has officially completed the acquisition of one-third of Apache Corp's oil and gas business in Egypt.

(China Daily Africa Weekly 11/22/2013 page18)