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"China's absolute growth, I think, will continue in the middle to high single digits for several decades," Albert Keidel, senior fellow at the Atlantic Council of the United States, told Xinhua in a recent interview.

"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.

"Compared with last year, work has become safer in industries including coal mining, fireworks manufacturing, construction, agriculture, and road, rail and water transportation in 30 provinces and regions out of 32 that were calculated," he said.

"Current law generally imposes administrative penalties on violators of product quality law, which are too lenient," Huang said. "A system under which violators of the law would suffer devastating consequences would act as a deterrent."

"China's strong performance on the Midas List demonstrates that the country is continuing to produce a number of high-growth and highly-valued companies. While sometimes unknown in the US, these businesses can become globally significant, such as with Bytedance, the owner of popular app TikTok (known as Douyin in China), and they generate returns any venture capitalist would desire," added Konrad.