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"Consumers now have higher expectations for online-to-offline business," said Bruno Lannes, a partner at Bain & Co, the global management consulting firm, in China. "Retailers must come up with new models."

"Compared to the downturn seen in smartphone demand and many other segments in the first six months of this year due to the devastation caused by COVID-19, the smartwatch remains a popular consumer device segment," said Sujeong Lim, senior analyst from Counterpoint Research.

"Chinese investments, like the one done in Vado Ligure, are necessary; if we want to develop a certain area, we need to welcome these investments. We can't stop progress," said Giancarlo Vinacci, deputy mayor of nearby port city Genoa which boasts Italy's busiest port.

"Commercial banks' general asset management business contracted last year, largely due to the newly released asset management regulations. But China's private banking sector grew unexpectedly, leading wealthy Chinese to invest in the country's key sectors to optimize social resources and accelerate the transformation of China's banking industry," said Bai Ruiming, deputy secretary-general of the association.

"Chinese companies not only look for profits for themselves. They also look for win-win results so that business could last," he said.