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As the Chinese market returns to normal, and Europe and the US are just starting to reopen their economies, the ability to connect with Chinese consumers can define whether a business survives or not, Langer said.

As the country has been promoting supply-side reforms, speeding up mergers and acquisitions and trimming excess capacity for the healthy development of the Chinese steel industry, the country's top steel-maker China Baowu Steel Group said on Aug 22 it would take a controlling stake in Shanxi-based stainless steel giant Taiyuan Iron & Steel (Group) Co, to facilitate the giant's goal of producing 100 million metric tons of steel every year.

As the legitimacy of sharing economy as a growth-driver gains wide acceptance, B&B is fast becoming a popular option for Chinese tourists such as Zhang.

As to the latest situation on Venezuela, Putin reiterated that "only the Venezuelans themselves have the right to determine the future of their country" and that external interference does nothing but undermines the prospects for a political settlement of the current crisis.

As the two largest countries bearing significant responsibility for the global economic system, China and the US need to build a win-win bilateral relationship, and protectionism is the enemy of both, said Barshefsky.