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"Expansion to the nonalcoholic drink sector is clearly a route to growth," he said.

"Especially amid economic uncertainties, a strong and unique brand proposition will entitle companies unparalleled pricing power. This would put them in an advantageous position even amid trade disputes," Deng said.

"Different from the previous two consumption upgrades, the third one focuses on service consumption growth, which is much faster than the commodities unit," he said.

"Erdou" and "Guazi" are two such cat celebrities on Douyin, one of China's most popular video-sharing platforms. They are owned by the same person who posts their videos on an account called "Liu Erdou who can speak".

"Establishing dialogue and mutual trust is key. We must maintain the trends of globalization and strengthen international cooperation."