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At the same time the benefits in operating profitability were not evident one year after the acqusition: EBITDA margins remained substantially flat compared to the acquisition year aog and were lower compared to the previous year. This is consistent with the medium- to long-term horizon required to achieve the industrial and commercial synergies. Given that large part of the Chinese acquisitions in Italy have happened recently, the coming years will be decisive to assess the impact of these operations both in terms of Italian production structure and ability to create value and profits.

At the CPC National Congress, China pledged to be more open to the world through more liberalization and facilitation of trade and investment, and significantly easing market access for foreign investors.

At the G20 Extraordinary Virtual Leaders' Summit on COVID-19 on March 26, Chinese President Xi Jinping called for support of the WHO.

At the session, the leaders reviewed and adopted a proposal for amending some parts of the Constitution. Zhang Dejiang, chairman of the National People's Congress, introduced the draft proposal at the session.

At present, consumption in China contributes to 36 percent of overall GDP, while the figure is 63 percent in the United States, which means a lot of potential to grow. However, retailing in China takes up 44 percent of GDP, which is higher than the United States. Therefore, despite the big potential of consumption to grow, it is not necessary for retail to grow at the same time, Pei said.