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"China's competitive advantage in attracting foreign investment has not changed,” Zong said, adding most global companies' confidence and strategy in investing in China have not changed too.

"China's trade surplus with the United States is not as big as it looks if we take into account factors such as statistical approaches, entrepot trade and service trade," he said.

"Companies can locate any projects that are in line with market rules and legal norms in the city, regardless of their business scale, industries and sources of the investment," Wang said. They can also enjoy timely and tailored services during the site selection, construction, development and operation of their investment projects, she added.

"China's strengths are mainly shown in AI applications and it is still weak on the front of core technologies of AI, such as hardware and algorithm development," the report noted. "China's AI development lacks top-tier talent and has a significant gap with developed countries, especially the US, in this regard."

"China urges the US to respect the authority of the multilateral trading system and revoke the decision as soon as possible,"