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"Cultural industries now account for more than 4 percent of the country's gross domestic product, but their role in economic upgrading is more substantial than this figure - they are helping with the upgrade of other industries," Zhang said.

"China's capital market is now not mature enough to shoulder such a responsibility, making accelerated capital market reform and opening-up imperative," Hong said.

"Coca-Cola is accelerating its journey as a total beverage company," said Curt Ferguson, president of Coca-Cola in China.

"Chinese auto exports are recovering after years of decline, with Egypt being one of the biggest export destinations among the Arab states since 2015," said Wang Xia, chairman of the Automotive Industry Committee of the China Council for the Promotion of International Trade, in his speech on Thursday at the conference held in the Ningxia Hui autonomous region.

"Chinese consumers are demanding and looking for an upgrade and they are more willing to spend money on cosmetics and skin care products, and more people are paying attention to the quality of products," she said.