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"Everyone in the industry seems to be anxious at the moment. Each time there is news about a scandal or a business shutdown, it is a blow to investors' confidence. A single case could lead to a chain reaction that causes liquidity risks for platforms including well-established ones," said an executive of an online lending platform who asked not to be identified.

"Expanding opening-up will create new growth opportunities for the country," Zhang told a news briefing in Beijing.

"Europe to Huawei is not only a center of sales, but also a regional center with comprehensive functions including sales, R&D, manufacturing, logistics and training," he said.

"Domestic dairy enterprises are facing stiff competition from international companies. Better safety and quality are vital for domestic brands to match the scale of foreign competitors. This will boost consumer confidence while improving competitiveness globally," said Leng Youbin, chairman of Feihe International Inc.

"Development of 5G technology will drive the growth of the smartphone industry, but due to the high cost, it will be a gradual process," said Wang Xi, an analyst from IDC. "We will probably have to wait until the end of 2020, or even 2022, before any significant change can be seen in the smartphone industry as a result of 5G breakthroughs."