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"China is on the way to becoming a leading high-tech nation…and a world market leader in innovation. Merck intends to take an active role in shaping this transformation," Gabor said.

"By leveraging Skyscanner and other strategic overseas investments, we expect to further strengthen our international product offerings and improve user experiences for both Chinese and international travelers."

"But this 'two-speed' pattern will likely to continue, with both premiumization and flight to value," he said.

"China has assiduously been working at reforming the world system to anticipate and address world and regional crises in early stages and prevent them being major impacts on the poor and vulnerable as well as the economic systems," he said.

"China has thus far achieved a significant victory with regard to tackling the novel coronavirus. However, there are two major risks that are blighting the growth recovery. External demand has been falling as the epidemic is spreading to more economies, while chances of a potential second wave of infections within China are also rising," said a research note from Japan-based Nomura Securities.