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"Driven by the emerging demand and new consumption mode, expenditure on services has been increasing at an even faster pace, especially in tourism, health, senior care, education and culture," said Mao.

"Dealers used to profit from buying low and selling high in local foreign currency black markets," it said. "Now they have shifted to illegal money transfers across borders, which caused a serious unsupervised outflow of capital."

"Even during the most difficult days when COVID-19 hit the country hard, we did not lose confidence in the Chinese market for one day. It is our long-term goal to increase our market share in China by seeking more cooperation. The regional headquarters in Shanghai will help to elevate the group's performance in the entire Asian market," Wang said.

"Due to the rapid rise of China, the US always sees China as a big threat. If Hong Kong is unsettled, the city will lose its functions of contributing to the nation's development, with the trade dispute being one of the US tactics to unsettle China.

"Despite huge resource endowments, a weak scientific base continues to hinder value addition of various raw materials, which continue to find relevance in export markets," he said.