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"Despite the COVID-19 outbreak, China has witnessed growth opportunities for new internet-based forms of consumption. And a large amount of new consumption models appeared amid the pandemic, boosting online consumption of goods and services in fields such as medical care, education, entertainment, tourism, sports and fitness."

"Domestic circulation", or the internal cycle of production, distribution and consumption, will be the mainstay of economic development while the domestic market is integrated with "international circulation" to promote the smooth two-way flow of goods and capital.

"During the process, many foreign companies will spend more than 3 percent of their total revenue on digital transformation. Chinese firms, on the other hand, may spend 1 percent to 1.5 percent of their revenue for the same," Sun said. "It is a good thing that more and more Chinese companies now consider digital transformation a priority. But it will still take a long time for them to increase the IT spending and finally enter the mature period when the integration of IT and the firm's business will foster new opportunities and generate new revenue streams."

"Even if the IMF received the US complaints on the exchange rate, I believe the fund will make a just decision. And it is unlikely to overturn the previous conclusion," he said. "For the long term, the RMB value will depend on economic fundamentals."

"Entering the Indian market is an important step for Great Wall Motors' global strategy."