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"By the end of last year, all 10 counties in Sanming were selling homegrown products online, improving the lives of local farmers," he said.

"But the US hasn't thought through what their actions might lead to and how it's going to impact adversely on the US," he said. "It is a very short-sighted move, because ultimately you can't prop up inefficient industries forever."

"China is today, has been and will be extremely important for the future of the semiconductor industry," said Jimmy Goodrich, vice-president of global policy at the Semiconductor Industry Association.

"China and the EU should be partners for free trade. Apart from a high-quality investment agreement, we should work for an early start of negotiations on a free-trade agreement, or at least the launch of feasibility studies on that front."

"Central banks and investors may absorb the market surplus as they seek gold for portfolio diversification and possibly as a hedge if inflationary pressures return on the substantial stimulus measures injected amid the global health crisis," she added.