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As China has offered a number of policies to spur consumer spending and offer more market access to global companies, P&G has expanded its innovation capacity in China and has been able to build its brands under an increasingly transparent regulatory environment, Pritchard said.

As Americans continue to live and work from home, they are buying comfort food. Sales of frozen pizza were up 18.6 percent during the last week of August, and frozen desserts were up 15.8 percent, data from 210 Analytics and IRI market research firms showed.

Applicants must have had Shanghai residence permits for at least two years and a contract with a local employer for at least one year.

As China undergoes a recovery, it can affect ASEAN economies through many channels, said Bhaskaran.

Apple is betting big on this emerging market. Three weeks ago, its mobile payment service Apple Pay launched its largest-scale marketing campaign since entering China, offering perks including up to 50 percent discounts on purchases for a week.