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Commenting on the flash PMI data, Chris Williamson, chief business economist at HIS Markit, said, "The flash PMI surveys add to evidence that the US economy is enjoying a strong second quarter. Despite growth cooling slightly in June, the latest numbers round off the best quarter for three years and suggest economic growth has lifted markedly higher than the 2.3 percent rate of expansion seen in the first quarter to well over 3 percent."

Cong Hong, chairman of DHHI, said the group will accelerate building sales networks and team up with local dealers. It will also handle tender and bid processes in more overseas projects, in particular countries and regions participating in the Belt and Road Initiative.

Commenting on the widely-watched Xi-Trump meeting, David Gosset, a Paris-based global affairs analyst and Sinologist, noted that in a spirit of productive pragmatism, the two leaders "stayed focused on the indispensable cooperation between China and the US."

Coined in 2016 by Alibaba founder Jack Ma, the term New Retail refers to the integration, or interlinking, of online and offline shopping using modern technologies, data and customer engagement techniques. New Retail, Ma said, is making the distinction between physical and virtual commerce obsolete by combining the best in physical and online retail.

Confirmed COVID-19 cases soared to over 3,000 on Wednesday and the number of deaths continued to mount. The Hong Kong Special Administrative Region government has been offering a massive number of free nucleic acid tests for people in elderly care homes, as well as taxi drivers, restaurant workers and property-management employees. All were classified as high risk of contracting COVID-19 on July 17. The government announced on Monday that testing gradually will be extended to minibus drivers, vendors in wet markets, and employees of special-needs schools.