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"Currently there are still gaps in the perception of products, between consumers on one side and producers on the other. We have many products that reflect the culture, the creativity of the maker, and this is not necessarily understood in China. We need to do more to promote a better mutual understanding among citizens, aside from strengthening economic ties," Ferro said.

"Cross-border cooperation in terms of the supervision over listed companies' information disclosure will help protect investors' rights. But according to the Chinese law, the exchange of audits should be carried out via supervisory bodies, which conforms to international practices," said the regulator.

"China's measures are necessary for safeguarding national interests and the multilateral trading system, and are legitimate and in line with multilateral trade rules," the official said.

"Competition in the retail market has been intensive and independent oil companies are also expanding their retail networks to compete with the State-owned ones," she said, adding that Sinopec's retail volume fell 3.47 percent year-on-year in the first quarter.

"Compared with European countries and the United States, the penetration rate of household and kitchen appliances in China is relatively low, and this segment has huge growth potential in the future," Si added.