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Cicilline also said that during the pandemic, "these giants stand to profit" as many more people work and shop online.

Cloud computing and infrastructure remains a small slice of Alibaba’s business, representing about million in revenue for the quarter.

Chinese volume brands have taken the majority market share for basic and economy products priced lower than 80,000 yuan.

Claire Reade, senior associate and trustee chair in Chinese business and economics at the Center for Strategic and International Studies in Washington, also said that even as policy fireworks explode on both sides, the phase one trade deal is still being implemented, with China further opening its financial markets and reducing nontariff barriers.

Co-founded Ming Pao