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"Defensive protectionism will not meet the China challenge; only domestic revival can do that."

"Even without new restrictions or lockdown orders, new waves of the coronavirus could by themselves weigh on consumer and business confidence and prolong the return of economic activity to prior peak levels," they said.

"Export growth remained robust in January, indicating strong economic fundamentals," said a report from China Merchants Securities (CMS).

"Expanding domestic demand is essential to maintain a steady trend of the Chinese economy," said Mao Shengyong, an NBS spokesperson. "We need to increase the intensity of policies from all aspects to release the consumption potential."

"Digitalization will be a core factor to help drive a quality growth for China's industrial development. Chinese companies, such as Mino, has been actively engaged in development of digital business," said Wang Haibin, executive vice-president and general manager of Digital Factory Division, Siemens Ltd, China.