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"Consumption is becoming one of the main pillars of China's economy," Zhang said, adding that sectors such as online retail, entertainment and manufacturers of premium consumer goods will benefit from the trend.

"Consumer habits have rapidly changed and internet-based industries and companies have expanded in recent years", he said, adding Epson sees a huge potential for growth in third- and fourth-tier cities of China.

"Combining 5G, the foldable screen, artificial intelligence and a brand-new interface, we hope that Mate X will be the first key for consumers to open the door to 5G smart living," he said.

"Competition is the soul of market mechanism. Implementing competition policy in China's FTZs will promote institutional innovation, enhance their development and explore effective ways to strengthen the fundamental roles of competition policy," said Gan Lin, vice-minister of the State Administration for Market Regulation and commissioner and secretary-general of the Anti-Monopoly Commission of the State Council, China's Cabinet.

"China, our third largest trading partner, is crucial as we enter this new chapter," he said, citing the UK's bilateral trade with China reached 104.5 billion pounds (9.57 billion) in 2019, surpassing 100 billion pounds for the first time and growing more quickly than any other region.