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But the economy of Spain, which was caught unprepared and hit severely by the pandemic, is expected to shrink by about 11 percent this year, Villafranca said, citing figures from the Summer 2020 Economic Forecast.

But that was just part of the praise heaped upon the technology giant during the awards show.

But the market is some distance from producing its first unicorn startup. Companies in the pet market are still busy building their brands. Wang Tiange, who owns five Chihuahua dogs, said, "Sometimes, I don't know which Chinese dog food to buy because there are so many of them and none of them is a dominating brand. And I don't think there is a recognizable brand in dog clothes or other daily products. So I usually buy imported brands."

But that does not necessarily mean that the 75-year-old company is staying comfortably in place. On the contrary, Ikea is embracing the newest technologies to offer better shopping experiences to its consumers.

By December, 55 foreign banks from 21 countries and regions along the Belt and Road had opened branches or subsidies in China, according to data from the banking and insurance regulator. By the end of last year, 10 Chinese banks had established 68 branches in 26 countries and regions related to the Belt and Road, according to Wang's commission.