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China's electric bicycles have gained in popularity in the global markets in recent years thanks to their good quality and technological edge, and the domestic sector has not received any subsidies from the Chinese government, said Zhao Ying, a researcher at the Beijing-based Institute of Industrial Economics, which is part of the Chinese Academy of Social Sciences.

China's influence on the global economy is far greater than its own weight. More importantly, such influence is also reflected in China's presence at the core of the global supply chain. Over the past decade, China has become the center of the global supply chain network, with import and export of intermediate products accounting for a relatively high proportion.

China's home appliance industry is likely to see pressure in the short term as the novel coronavirus outbreak will influence the supply of raw materials and the sales of brick-and-mortar stores.

China's development has not just reduced poverty but, of course, transformed the global economy.

China's foreign trade increased at its fastest pace since the second half of 2011, with exports in yuan-denominated terms up 15 percent year on year in the first half of this year.