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"Companies cannot live without global supply chains as more than 50 percent of the international trade is between supply chains," he said.

"China's demand for imported medical and healthcare products has remained steady in recent years with a tendency toward growth," said Wang Maochun, vice-president of the chamber. "The decline in import value was mainly due to the price drop rather than a volume decrease."

"China's scale dividends are likely to be an important driver of improving the total factor productivity over the next five to 10 years," said Shen Minggao, chief economist at GF Securities, who noted more efforts are needed to drive the transformation and upgrading of the traditional manufacturing industry, enhance its efficiency, as well as improve total factor productivity, in a bid to maintain a relatively rapid GDP growth.

"China urges the US to earnestly fulfill its bilateral commitments, respect the facts, and objectively and impartially evaluate the efforts made by foreign governments including China in terms of intellectual property rights and the results achieved," the ministry said in a statement.

"China's economy is increasingly driven by domestic demand, so it is important that consumer spending has continued to bounce back," Rothman said, adding the improvement in consumer spending and sentiment has come in advance of a full recovery in income, suggesting a fairly high degree of confidence in the future.