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"Consumption is becoming one of the main pillars of China's economy," Zhang said, adding that sectors such as online retail, entertainment and manufacturers of premium consumer goods will benefit from the trend.

"China's industrial profit growth remains stable, although it is easing," said Gao Ming, an analyst at China Merchants Securities. "The easing is worrisome."

"China will not stop its effort to pursue higher-quality opening-up. China will not stop its effort to pursue an open world economy," Xi said at the China International Import Expo last month, the world's first national-level expo devoted to imports.

"Chinese, German stand united, there is no way to get divided. Help each other through the night ..." so goes the song in a video performed by Sebastian Schmidt, who said he hoped to show support to the Chinese people in the fight against COVID-19.

"China will always be the builder of world peace, contributor to global development and the defender of the international order," he added.