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"China's role has changed. Very early on, China's investments tended to be around infrastructure, ownership of a lot of natural resources. But in recent years, China's got a lot more involved in other areas, such as consumer goods, banking, logistics, obviously diversifying their approach in Africa and elsewhere across the emerging markets," Moyo told Xinhua in a recent phone interview.

"Consumption has contributed at least 75 percent to China's GDP growth for the last five consecutive quarters, despite slowing since the second quarter of 2018. Going ahead, consumption will become a major incentive to boost China's economic growth," said Zhou Wenqun, a manager at consulting agency Fidelity International.

"China welcomes and supports the meeting, and looks forward to more good news from the Korean Peninsula," he said.

"Considering that some Cabinet members we engage with regularly have been exposed to individuals who were tested positive of COVID-19 and have decided to undergo self-quarantine, it is just prudent for us to take precautionary measures in compliance with the advice of our health officials," Presidential Communications Secretary Martin Andanar said in a separate statement.

"China's goal for rare-earth development is to form a new pattern for industry with a reasonable development pace, orderly production quotas, efficient utilization, scientific and technological innovation and coordinated development with high-end manufacturing," said Zhang Rui, an analyst at Beijing Antaike Information Co.