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"Compared with large State-owned commercial banks and national joint-stock commercial lenders, city and rural commercial banks, also known as small and medium-sized banks, are weaker in terms of the capital adequacy ratio. They also demonstrated significant regional differences in their interim results. Some of them are financially stable, whereas some are facing major risk exposures," said Michael Hu, PwC China financial services partner.

"Comprehensive and highly efficient logistics systems have become the core competence of enterprises to attract customers, especially for e-commerce platforms and express delivery companies," Xia said.

"Chinese consumers are fully adapted to online shopping and China's AI-driven personalization is far ahead of what we see in the West," he told Xinhua after a keynote at a special session on e-commerce's future on Wednesday.

"Chinese producers were falsely accused, although it is not new. Some years ago we had to deal with an anti-dumping case from the United States over HB steel, which is a product for high-level construction of skyscrapers and even used in vehicles. There was a long investigation, but we eventually won that," Gao says.

"Chinese economy remained an important growth engine for the world's economic recovery," NBS chief statistician Sheng Laiyun said.