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"Chinese shoppers have become more rational, and they are not blindly following the crowd to imitate others. They want products with both commercial culture and consumer mentality," said Pan, adding localization of global brands must keep pace with the times to stay competitive in the fast-changing Chinese market.

"Cross-border e-commerce greatly lowers the bar to enter global trade as the scale of doing business online doesn't need to be huge. Thereby, it is involving more participants, especially SMEs, in commerce worldwide," said Liao Xiaoqi, former vice-minister of commerce, prior to the Boao Forum for Asia, which officially kicks off on Thursday.

"Clearly we are not in total control right now," Fauci said. "I am very concerned because it could get very bad."

"China's textile industry urgently needs to figure out how to face the challenges brought by the new era of reform and opening-up," said Sun Ruizhe, president of the China National Textile and Apparel Council. He added that "technology, fashion, green" has become the new label for China's textile and garment industry.

"China's total ban on the ivory trade is a milestone achievement in the history of elephant protection and a most extraordinary measure taken in the global efforts of wildlife protection in recent years," Sun said.