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"But the global pandemic and economic situations are grim and complex. The task of preventing a rebound in infections is still arduous, and poses risks and challenges to China's economic development."

"China has a very clear goal to largely develop direct financing," he added.

"But these strategic investors are too fragmented in terms of their industries and shares," Guosen said.

"China may like our coal, and agricultural products, and to have Australia as a student and tourist destination, but it does not need us for any of them," Evans wrote.

"China has become a major market for US exports including high-tech goods, machineries, agricultural products and consumer goods. A trade war will definitely not be in the interest of the US," he said.