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"Expectations for future activity also fell to their lowest level since late 2014, as most firms do not expect energy prices to return to profitable levels this year," said Chad Wilkerson, economist with the Federal Reserve Bank of Kansas City.

"During the outbreak, we saw so many great examples of schools continuing their classes during quarantine using technology, doctors helping patients via video conferencing and companies continuing to operate with employees working from home in China using our technology," Crozier added.

"Even during the most difficult days when COVID-19 hit the country hard, we did not lose confidence in the Chinese market for one day. It is our long-term goal to increase our market share in China by seeking more cooperation. The regional headquarters in Shanghai will help to elevate the group's performance in the entire Asian market," Wang said.

"English is a compulsory course at most Chinese schools since the Chinese opening-up, which is stoking demand for education and homes in English-speaking countries," said Huang.

"Everyone, and cities as well, has a goal to hit the finish line. We've to keep running," says Cheng, noting Hong Kong has been struggling to find a path for itself.