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As China's commitments to the World Trade Organization have further opened the country's automotive sector including cutting tariffs, liberalizing joint-venture stocks and gradually removing subsidies from certain types of vehicles, Xu stressed, manufacturers in China must face this reality and take effective measures to seek new growth points through innovation and new business models.

Apple said on Friday that each Chinese customer can only buy at the most two units of each iPhone model from its online store. The restriction applies to the iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max, iPhone XR, iPhone 8 and iPhone 8 Plus.

As Levi's has calculated, the online channels accounted for 20 percent of its China sales revenue prior to the epidemic and the contribution rate surged to 50 percent during the outbreak. But as physical stores reopened in the country as the epidemic was gradually contained, the contribution from online channels slightly contracted to 30 percent.

Apple, Alphabet, Microsoft, and Amazon were the top four in market value as of March 29 this year, according to the list. They are followed by Berkshire Hathaway, Facebook, and JPMorgan Chase.

As China marches toward prosperity, Ngu sees great opportunities for the Philippines, especially as part of the 21st Century Maritime Silk Road, which forms part of China's Belt and Road Initiative.