Liu Young-way, chairman and CEO of Foxconn Technology Group, the world's largest electronics manufacturing contractor, denied that Apple Inc planned to move its supply chains out of Chinese mainland.

Liu made the remarks on the sidelines of the ongoing Summer Davos Forum in Tianjin on Wednesday. Foxconn, formally known as Hon Hai Precision Industry Co, is a key supplier of Apple. It has major production bases in Shenzhen, Guangdong province, and Zhengzhou, Henan province. 

Looking ahead, Liu said Foxconn will mainly focus on three emerging industries, including electric vehicles, digital health and robotics, which are underpinned by three core technologies, such as artificial intelligence, semiconductors and next-generation communication.

"China has become the world's largest manufacturing base, and Asia has the potential to build a regional manufacturing system," Liu said. He noted that manufacturing is playing an irreplaceable role in bolstering economic development, improving the utilization of resources and providing a wide range of employment opportunities.

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