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"China and Japan are both beneficiaries and defenders of globalization and the international order," said Zhou Weisheng, an economics professor at Ritsumeikan University in Kyoto. "They should work together from a historical and long-term vision to be reformers of the order rather than destroyers," he said.

"By sacrificing the increase of fiscal revenue, we gain enterprise performance and market vitality," Xiao said. "This is the core of implementing policies of cutting taxes and fees."

"But the possibility of that happening is slim," said Li Daokui, head of the Schwarzman College at Tsinghua University. Li served on the Monetary Policy Committee of the People's Bank of China for two years until March 2012.

"Canton fair is well-known in Ukraine and it enjoys a great popularity. According to various calculations, each exhibition is visited by about 2,000 representatives from Ukraine. I believe the upcoming fair will be visited by the equal or greater number of participants," Gennady Chizhikov, the president of the Ukrainian Chamber of Commerce and Industry, said in an exclusive interview with Xinhua.

"COVID-19 has made a big impact on consumption," Li said. "For China to achieve positive growth this year, boosting consumption is vitally important. Efforts should be made in line with our own national conditions to expand channels of consumption and stimulate domestic demand."