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"China is already a global digital economy, and it is going to have a greater impact on the global digital world," said Jonathan Woetzel, senior partner at McKinsey.

"China has been the leader for new energy vehicles, because it's a place where there is the largest number of such vehicles being commercialized. It is very significant for us, as the push for intelligent connected vehicles in China is defining the frame. It is directly supporting our new technologies," he said.

"China imports more than 60 percent of its crude oil from other countries, and more reforms are needed to boost domestic production,"Han said.

"China over the last 20 years built very strong infrastructure. I cannot see any country around the world who can match up with that. Especially when you talk about the toy industry. Whatever spare part I need for my products, I find a supplier (there)," said Peter Handstein, founder and CEO of Hape Group, told Xinhua at the 2020 North American International Toy Fair in New York City.

"But now, the new business model calls for highly differentiated approaches, which rely on individual influencers and those who are capable of immediately understanding consumers' signals and translating them into action."