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"By far, average transaction value of institutions that have opened storefronts via Ant platform is 62 times that of those who have not. Besides, the former's asset management scale is 68 times that of the latter," said Huang Hao, president of Ant Financial's digital finance business unit.

"China has said many times that it is never eager to take part in a trade war, but it is not afraid to participate if necessary. China will firmly defend its legitimate rights," he said, adding that the country will enhance cooperation with its global trading partners and firmly defend free trade principles and a multilateral trade mechanism.

"China is not only the biggest exporter of manufactured goods, but also a major exporter of intermediates used by factories across the world. It is also a key supplier of materials or components for sectors including autos, shipbuilding, electronics, machinery and textiles," Bai said.

"China is a massive market," Callander said.

"China is still a developing country. Its development needs World Bank support, and the Bank's development also needs China's contribution," the Ministry of Finance said on Tuesday.