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China's post-95 generation, who were born between 1995 and 1999, spend more on beauty and cosmetics products than other age groups, and the consumption of masks, skin care products and face cleansers for men is expected to usher in explosive growth in the sector, according to a new report.

China's payments of licensing fees and royalties for the use of foreign technology have soared in recent years, reaching almost billion last year, nearly a fourfold increase over the last decade, Lardy wrote on the Peterson Institute website last Friday.

China's producer price index, which measures the cost of goods at the factory gate, rose 4.7 percent year-on-year in June, the NBS said.

China's quarterly GDP growth increased from 6.8 percent in the fourth quarter of 2016 to 6.9 percent in the first two quarters of this year while the country imposed tighter controls on debt and financial activities.

Chinese NEV startup Nio shows an SUV at the 2020 Beijing auto show. [Photo by Zhang Dandan/China Daily]