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Comparably, COVID-19 is still very serious overseas, suggesting very hard economic recovery. Economic fundamentals can determine that there is no basis for the RMB to depreciate in the immediate term as well as in the near term, unless the international financial market turns turbulent again and the US dollar strengthens remarkably.

Commodities imported by the city were primarily mechanical and electrical products, high-tech products, copper, ore and agricultural products.

College graduates are another major group in the labor market. Education Ministry data show that 7.95 million college students graduated this year, a record for the past decade.

Commenting on the draft export control measures of the United States on 14 basic and emerging technologies, Gao said China always believes that while the achievements of technological development should be effectively protected, they should also be shared with people around the world.

Commenting on that vision, Seaton said, "The shift is important to China's economy, and equally important to foreign companies that want to do business in China, as it reflects the change of the nation's development priority."