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"Chinese companies choose to be more localized, because Kenyan employees are diligent, ambitious and far-sighted to overcome cultural differences and language barrier to make a difference," he said.

"Compared to an eat-in model, the current tea business doesn't require a quality space, and it has become consumers' first choice when they go shopping or traveling," Rong said. "One Hey Tea shop can sell over 2,000 cups a day, with monthly revenue topping 1 million yuan."

"Consumption plays a fundamental role in China's economic development and is the primary driving force behind the economic growth," said Ning Jizhe, head of the National Bureau of Statistics, adding that the steady growth in the income of residents will boost consumption.

"Currently we are going through one of the biggest slowdowns that we have seen in recent times," Pawan Goenka, managing director at automaker Mahindra said earlier on Wednesday after the company reported a quarterly profit.

"China's foreign exchange market remained stable, with a general balanced demand and supply relationship of foreign exchanges," said Wang, who expected severe impact from the pandemic on global economy and trade growth, along with increasing volatility in international financial markets.