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Another reason why Chinese tourists are less interested in shopping overseas, according to Li, is that the quality of made-in-China products is improving. Also, the influence of Chinese brands is growing. "The time when Chinese people rushed to buy milk powder, frying pans and toilet covers at stores outside the mainland has long passed into history."

Anti-monopoly themed laws and regulations will be further optimized next year, according to Yue Zhongming, spokesman of the Legislative Affairs Commission of the National People's Congress Standing Committee. The identification of platform monopolies, management of data collection and use and protection of consumers' rights and interests were previously detailed as the areas in focus.

Apart from Honeywell, other international conglomerates are also attracted by China's growing market and looking to diversify their development in China.

Ant Financial Services Group, Alibaba's financial arm, acquired a controlling 51 percent stake in Cathay Century Insurance Co Ltd in 2016.

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