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As in other East Asian economies, government intervention has been an important component of China's evolution, the article said. "As Robert Wade puts it, evidence from East Asian countries shows us that the government can, in some circumstances, guide the market to produce better industrial performance than a free market."

As part of that transfer, Amazon?again became the?world’s most valuable e-commerce company, a position?it previously had lost to Alibaba?last fall after it held a record-breaking IPO.

As of Monday, 3,869 people from Wuhan, the city hardest-hit by the pandemic in China, had died from the highly contagious virus and 50,340 local cases of COVID-19 had been confirmed. The number of deaths in Wuhan from the disease account for more than 83 percent of the national total.

As new lifestyles and ways of consumption boom, intelligent upgrading and business model innovation are encouraged in the transportation, online shopping, cultural travel and catering sectors, the report pointed out.

As one of the eight states that enjoy trade surplus to China, Oregon's exports have expanded 55 times during the past 20 years and reached billion annually. That has helped create more than 20,000 local jobs and brought substantial profit to Oregon companies, especially integrated circuit manufacturers, timber producers and hazelnut farmers. Meanwhile comparatively cheap, quality products imported from China have not only helped Oregon maintain a relatively low inflation rate but also improved real purchasing power of local customers.