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China's cross-border e-commerce has grown remarkably. In 2018, the total volume of retail import and export commodities through the customs cross-border e-commerce management platform surged by 50 percent year-on-year to 134.7 billion yuan (.2 billion), with exports up 67 percent to 56.12 billion yuan.

China's imports of gas currently account for more than 30 percent of domestic consumption, and the figure is expected to continue growing, she said.

China's contribution

China's fiscal framework has made significant strides over the last decade, through more comprehensive budget reporting and the development of more transparent municipal financing channels. Fiscal reforms are nevertheless far from complete, said Fennell.

China's importance to the global economy and trade will support its recovery in the long term, despite the likelihood of growth getting impacted by the novel coronavirus outbreak in the first six months of this year, said a senior executive of an international organization.