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"But we have attached great importance and prepared well for it," Wang said.

"China is the world's second-largest toy market and the world's largest toy exporter. The global toy markets have been declining slowly for the past few years but China still sees stable growth," said Chih-yuan Wang, retail research director of Mintel China.

"China is key to our future growth as it currently represents a quarter of our portfolio. The opening of Fraser Place Binhai Tianjin is significant as it underlines our ambitions to grow our presence in China," said Choe Peng Sum, CEO of Frasers Hospitality.

"China and Japan should not only be the 'anchor' but also the 'propeller' of the world economy. We should actively advocate free trade, jointly safeguard multilateralism, and contribute more to building an open world economy," he added.

"Challenges and competition can only make strong companies stronger," Wang said. XCMG converted the slump into an opportunity to review its weaknesses and come up with corresponding solutions.