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"But the main challenge lies in whether these firms can succeed in foreign markets and attract local consumers with strong Chinese characteristics."

"China has done a fairly good job at controlling the virus and its recovery. Other markets are still catching up with their own recovery efforts," said Margulies.

"By reducing or removing the steep tariffs, Oregon hazelnuts would be shipped directly to China. It helps the trade deficit, we will pay Chinese taxes. This can be a win-win for the Chinese consumer, US farmers and both governments," George said.

"China has become a crucial force of opening-up in global development," Zhou said, adding that the country has furthered opening-up in a broad-minded way when protectionism and unilateralism are on the rise around the world.

"But, to be clear, we do not see a recession in the near term. In fact, we expect some pickup in growth in the second half of 2019 and into 2020," she said, adding that the growth is set to benefit from the now more-patient pace of monetary normalization by major central banks led by the US Federal Reserve and "from increased stimulus, in China for example".