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"China is driving national reform through the new infrastructure initiative, and the public cloud is playing a key role in powering adaptive enterprises. As one of the leaders in global public cloud market, the acceleration of AWS in cloud services in China will effectively provide more competitive options for enterprises in China and worldwide to modernize applications and drive digital transformation," said Charlie Dai, a principal analyst at Forrester, a business strategy and economic consultancy.

"By the end of this September, the property price has seen an uptick for 40 months in a roll, the longest period in the history of China's real estate market," Zhang added.

"China is always open toward addressing the concerns of the US side via dialogue and cooperation," the commission said.

"By imposing additional tariffs on the Chinese products, the United States is actually damaging the world's industrial chains, and other countries involved will also suffer," said Wang.

"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."