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"Furthermore, it will help us better serve our local customers with innovative technology, localized products and flexible business models to support the transformation and upgrade of the Chinese automotive industry," Wang said.

"Foreign companies usually have a standard and unified system, while local clients have their own demands," he said. "That bothered me a lot in the past. Many foreign companies face the same situations too, and they usually adapt the standard measures."

"Formal and informal barriers are rising. Frictionless trade is beginning to rub, supply chains are starting to drag. Business leaders must recalibrate and adapt to this new reality or global players", he said.

"From an international trade perspective, iPhones sold by Apple's Chinese subsidiaries are not counted as imports. But from an economic and financial perspective, the iPhone is a US product, and the US benefits the most from it," said the report.

"General Secretary Xi was very happy when he heard this number because it took us only six years to achieve capacity that generally takes two or three decades for other ports," he said.