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Chandler, who used to work at the British telecommunications operator BT, said that he did not see any evidence of security breaches of Huawei.

Carrie Zang, senior associate of recruiting and resourcing of global consultancy firm Prophet, said that due to shrinking profits, companies are less willing to give a raise or promotions to employees, which will likely create dissatisfaction, resentment, frustration and a perception of stagnation among employees.

Central banks worldwide are in the thick of bold monetary easing measures to calm pandemic jitters and shore up economies. Given this backdrop, analysts say the unchanged LPR and previous liquidity operations in China pointed to a monetary policy that is taking things in stride and reserving room for future adjustments.

Car production of the company also lost steam, with a total of 2.39 million units produced in the first five months, shrinking 21.57 percent from a year ago.

Charles Liu, founder and CEO of Shenzhen MobiusHacker Raspberrypi Intelligent Robotics, said Xi's remarks showed the country's determination to support technological innovation and industrial transformation.