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"Confronting a grim situation both at home and abroad, China will come up with more targeted measures to boost consumption, such as promoting new types of consumption and creating a better consumption environment," said Qian Fangli, director-general of the department of electronic commerce and informatization at the Ministry of Commerce.

"Chinese regulators have allowed multiple securities, asset management, insurance, and other financial firms from the United States, Europe, and Japan to convert existing minority positions in joint ventures with Chinese partners to majority foreign-owned firms and have licensed a number of new wholly foreign-owned financial firms," Lardy noted in an analysis.

"Currently, the world is experiencing an unprecedented period of opportunity driven by technological development, which can rebuild global financial infrastructures and connections," he said.

"Construction of Xiongan New Area will combine both Chinese and Western features, focusing on traditional Chinese style," he said. "We will use ancient and modern Chinese elements to create a city landscape that meets or exceeds international standards."

"Continental is committed to providing mobility solutions and services to people and goods, and we see China as the market primed for services.