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"China has the global competitive edge in terms of labor-intensive products, while the US has the global advantage in terms of skill-intensive products and service industry," said Xu Hongcai, an economist with the China Center for International Economic Exchanges.

"China attached great importance to opening up the service sector and boosting the service trade. Trade-in services are becoming a new driver for high quality economic growth."

"China is the leader in delivering products, services and applications that drive the internet of things. Cypress is leading in delivering intelligent, secure and connected solutions. Together, we can imagine and build the future we all want to see," he said.He made the remarks on Wednesday at a ceremony held in Beijing to celebrate the company's 20th anniversary in the Chinese market."Seeing China's rapid development during the past 20 years, we are now actively embracing IoT, smart connected vehicles and other emerging technologies,"El-Khoury said.With its new Made for China & Enable China strategy, the company will further increase spending on hiring talent and research and development, with the aim of meeting local clients' demand for localized, high-quality services.With more than 300 local employees, the Nasdaq-listed company has established branches in Beijing, Shanghai, Shenzhen in Guangdong province, Chengdu in Sichuan province and Hong Kong. The company has partnered with dozens of local companies, including Alibaba, Huawei and Xiaomi.

"But now people choose to visit a restaurant to sample the dishes made by a certain chef, which is more in line with the modern dining experience. We chefs now have more of a chance to present our culinary skills and the concepts we have about food."

"Cellphones made by domestic brands are a friendly price and perform excellently," he said. "I know lots of foreigners who use cellphones made in China. The country is an emerging superpower that is surprising the world with its innovation and marvelous power of action."