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China's economic tsar, Liu He, a U.S.-trained economist who is seen as the brains behind earlier reforms, will be replaced by He Lifeng, another Xi acolyte. "We face the problem of weakening expectations and confidence and it's empty talk if we cannot revitalise the economy," Jia said. China's economic miracle started in 1978 when Deng Xiaoping kicked off historic reforms, allowing more private enterprises and opening the economy to foreign investment. The poll showed China's growth could pick up to 5.0% in 2023, helped by a lower base. Xi's Standing Committee choices disappointed investors who had been hoping he would keep some reform-minded officials, including former Guangdong party boss Wang Yang.
Automation is one part of the corporate tech budget unlikely to see cuts as companies tighten spending amid an economic downturn, said Databricks Inc. Chief Executive Ali Ghodsi. The company offers open-source tools for storing and analyzing large troves of data, with a focus on building artificial intelligence applications. Open-source data tools can help avoid lock-in, a scenario in which a tech provider often raises fees or slows innovation over time, he said. Farming and construction equipment maker Deere & Co., for example, is looking to Databricks’ open-source tools to build a repository for data analytics. Mr. Ghodsi declined to put a date on an IPO other than to say it will be “in the not too distant future.”Write to Kim S. Nash at kim.nash@wsj.com
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