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"China's service trade has entered a new level, becoming a fresh driving force for the high-quality development of foreign trade and a new engine for promoting higher-level opening-up," Li said.

"Continued investment in user engagement, especially through social commerce content, contributed to our strong gains in annual active consumers," said CEO Daniel Zhang in a statement.

"China's fast and effective control of the pandemic helped restore consumers' confidence, which is crucial for big-ticket items like cars," said Thomas Fang, vice-president of consulting firm Roland Berger's China office.

"Christmas is a time of growing excitement here in China, especially among the younger generation. We see them visiting with family members to share a meal in our restaurants for example, and spending Christmas eve with friends having fun together in our VUE Bar," says Hyatt on the Bund General Manager Mark Foxwell.

"Chinese companies looking to acquire beyond China's borders focus on winning at home and exporting abroad, which enables them to strengthen their domestic competitive stance while simultaneously positioning for global expansion, especially in other developing markets," Leung said.