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"China and Russia have entered an important period for their national development and rejuvenation. With highly compatible development programs, regional cooperation is very promising," Chinese Vice Minister of Commerce Gao Yan said.

"China is about 30 percent of the global market for semiconductors," Mike Russo, vice-president of SEMI, an advocacy group, told China Daily. "The industry as a whole and all nations involved benefit from access to markets. Companies re-invest profits in research and leverage new technology. Folks are jockeying for access — no one has sewn it up."

"But the polarization of the pandemic has had another unfortunate side effect: Exacerbating economic harm," they wrote in an analysis titled "Politics is wrecking America's pandemic response".

"But serving these consumers requires understanding how they are different from their top-tier city counterparts, and then crafting offers that meet their needs," said Wang of McKinsey.

"China has a large number of small and micro-businesses, and this helps create a large number of jobs in China," she said. "Yet such businesses also have clear disadvantages, such as being vulnerable to risks. This requires the government to give them more policy support, especially tax incentives, to help them grow steadily."