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It is crucial to build greater capacity of effective supply, enhance the basic role of consumption in economic development and shape a vibrant domestic market by providing new and higher quality supply. Premier Li Keqiang stressed the need to stay adaptive to the trends in consumption upgrading, increase supply while fostering a more enabling business environment, and promote stable consumption growth.

As a global multilateral agency seeking facts from investigations, the IMF, not the U.S. government, holds the legitimacy and credibility to make an assessment on China's exchange rate regime.

"Jiefang has witnessed and made contributions to China's development and will have a brighter future as the country prospers," Hu said.

In February 2019, the central authorities unveiled the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, which lists Macao as one of the core engines for regional development in the Greater Bay Area, along with Hong Kong, Guangzhou and Shenzhen.

"We are confident in the future development of our business in China and expect to have around 140 retail stores in more than 35 cities by the end of this year," Huang said.