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"Currently, the overseas revenue accounted for the education subsidiary's 70 percent of total revenue. In the overseas market, the payment willingness is much higher than that in the domestic market and there are merely restrictions on how long students can use electronic products," Xiong noted.

"Cooperation is necessary in this aspect. You know smart cars are difficult for one carmaker to develop no matter how big, and carmakers will feel a little worried if they rely too much on platforms of tech giants like Google or Baidu."

"Chinese companies are attaching more importance to enhancing the competitiveness of their products by increasing their efforts in technology research and development," said Xu.

"China's economy will brace for a painful blow, much worse that what it suffered during SARS," said Wang Tao, chief economist at UBS Investment Bank, in a teleconference on Tuesday.

"Chinese culture and books are inseparable overseas, and most foreigners get to know Chinese culture from these books," said Zhu Yongliang, deputy president of Zhejiang Publishing United Group.