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But some Wall Street economists and analysts said that they did not see a major shift in Fed's tightening monetary policy.

But people familiar with Toyota's plans said the automaker thinks demand will perk up as more countries, including China, warm to fuel cell technology. The company also sees FCVs as a hedge against a scarcity of key EV battery materials such as cobalt.

But he also pointed out that only 20 percent of the domestic demand for IC products and services have been met by the Chinese IC companies. More effort can be made to cater to booming domestic demand, which in turn will become another growth engine for the Chinese IC companies, he said.

But resistance to the US moves against Huawei appears to be growing globally.

But despite talk about how brick and mortar retail businesses might face extinction in the face of e-commerce, Chao believes there will always be a place for offline shopping.