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"China still has the potential to mobilize resources to support the economy. For example, we could continue to lower the RRR, lower interest rates and inject more liquidity into the economy," he said.

"China stands ready to work with Japan's new leader to continue to abide by the principles and spirit set in the four political documents between the two countries, deepen cooperation in fighting the COVID-19 pandemic as well as economic and social development, and promote the continuous improvement and development of China-Japan relations," said Wang.

"Chinese mobile operators should be encouraged to deliver what they do best in providing secure, reliable, and intelligent connectivity to businesses and enterprises across the country," said Granryd.

"Companies that have business relations with the US have already felt the shock," said Li Jianwei, chairman of Hangzhou Euroluck Import and Export Co, a cloth and textile trader. Li said orders started falling from the second half of 2018 on fears of punitive tariffs, though textile was not included in the additional tariff list then.

"Chip technology is the crown in the smartphone sector, but it is highly cash intensive," said Lei Jun, founder and CEO of Xiaomi.