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"China's economy has maintained a momentum of steady and sound development. And the long-term positive trend of the economy has not changed," said Meng Wei, a spokeswoman for the National Development and Reform Commission.

"China's government, as always, promotes sustainable development, but more and more it realizes that this sustainability can only be reached by creating new innovation that both grows new markets and addresses changes to the external environment," he said.

"Chinese brands are at the forefront of innovation, and its global brand-builders are helping to establish 'Brand China' as innovative, cutting-edge and pioneering. China's insatiable appetite for new technology is fuelling the growth of many brand categories and powering innovation at an incredible pace," the report said.

"China's performance indicates that the torrents of merger and acquisition activities aiming to forge globally influential conglomerates are starting to pay off," said Jiang Qingyun, a business professor at Fudan University's School of Management. "It's a natural reflection of the country's overall economic status."

"Counting in the 30 million yuan in rent, we have to burn 2.5 million yuan every day," Wu Guoping, founder of Grandma's Home, was quoted as saying by Beijing News.