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"Cross-border M&As with strategic significance, especially industrial upgrading and the Belt and Road-related projects, will dominate the overseas M&A market in 2017," said Chen.

"China's full opening of the manufacturing industry is a clear indication of our opposition to trade and investment protectionism, and shows our clear support to widening and deepening the development of economic globalization," the National Development and Reform Commission said in the announcement on April 17.

"China's foreign trade continued to stabilize and improve in the first four months this year and the trend will continue through the year," said Gao Feng, the MOC spokesperson.

"Compared with the likes of Apple Music and Spotify, Tencent Music is no smaller in scale," said Ge Jia, a senior internet analyst at China Intercontinental Communication Center.

"Contrary to the assumption underlying the investigation on import vehicles, the US auto industry is thriving. To our knowledge no one is asking for this protection," said John Bozzella, CEO of Global Automakers, which represents foreign automakers doing business in the United States.