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Dongjiang Port in the Tianjin Free Trade Zone. [Photo/Xinhua]

Driven by the toy industry, Shantou's economy developed by an average annual growth rate of 12.5 percent from 1980 to 269.41 billion yuan in 2019, according to the local government.

Due to poor transportation links and a lack of job opportunities, young people kept moving away from Dmitlovo, which is 70 kilometers south of Birobidzhan, the capital of the Jewish Autonomous Oblast.

During a news briefing while commenting on the issue, Chinese Foreign Ministry Spokesman Wang Wenbin said Tuesday that China firmly opposes the U.S. side's blatant bullying of certain non-U.S. enterprises in violation of market economy rules and the World Trade Organization's principles of openness, transparency and non-discrimination.

Driven by the Belt and Road Initiative, Asia became the most popular overseas M&A destination for Chinese enterprises, recording growth despite the overall downward trend, the EY report said.