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"Compared to Western consumers, the Chinese are more willing to accept intelligent home facilities, which will absolutely help the development of smart home in China," said Ma from Mintel.

"China sales account for 6 percent of our total revenue, and we hope to increase the figure to 15 percent in the near future," said Pharoah, adding that consumers are evolving with individual demands.

"Compared to the first half of this year when liquidity was adequate, economic recovery has become the new theme of the market. Therefore, undervalued companies and cyclical sectors may provide the maximum opportunities," he said.

"China's manufacturing industry and logistics businesses typically shut down a week earlier and later than the official holiday period so employees can make the long journey home to the nation's vast interior," the report explained. "All in, the Lunar New Year can last up to 40 days thanks to the extended travel times and family reunions."

"Civil diplomacy is facing challenges during the pandemic, but there are also new opportunities as the Chinese government is aiming to be more open on more levels," he said, adding his organization will continue to promote civil diplomacy and globalization to eliminate cultural barriers and let the world know more about China and vice versa.