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Before that, Qingdao port announced merger with its neighbor Weihai Port on July 9. Latest statistics showed that new operation in Weihai Port achieved double-digit growth in container numbers, revenue and profit after one month of the merger.

Behind such purchasing power is a new consumption norm in the country, a trend featuring residents of smaller cities, who are looking more to imported goods and have a growing appetite to spend.

Beijing has hoped to attract more talented foreigners since it eased permanent-residence requirements in 2016 to meet its ambition to become "an innovation center of science and technology with global clout."

Beijing Automotive Group Co Ltd, one of China's top five automakers by sales revenue, said it will deploy more resources into developing its SUV business to compete with its established rivals.

Beijing and Washington have sought to resolve economic issues and settle disagreement through the Comprehensive Economic Dialogue, which was established by Xi and Trump in April, representing the highest-level bilateral economic forum.