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COVID-19 does have some effects on foreign businesses operating in China, said Zhang, but there is no flight of foreign capital. "China is still an attractive destination for foreign investment. Foreign investors remain optimistic about China, and remain confident in their long-term operation in the country."

Cai Wenke, chief shoemaker of Neiliansheng, a time-honored Chinese brand best known for its "thousand-layered" shoes made of cotton, thinks many people in Beijing still value their shoes. He is out to fulfil their need for good shoes, having devoted more than a decade already to mastering the fine craft of shoemaking.

CNBC reports that sellers are worried about losing business during this crucial time of year, inundating experts with messages and discussing the matter on private Facebook groups.

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Cannon Michael, president and chief executive of Bowles Farming Company, which grows Supima and other cotton on land near Los Ba?os, California, said some speculators have pulled out of the market, which has put a damper on cotton prices.