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"China is a market with a population of 1.4 billion and 400 million middle-income earners, and there is a strong demand for consumption upgrade," said Wang Bin, an official at the Ministry of Commerce. "The domestic consumption market is full of potential and it is China's biggest advantage to maintain long-term stable development."

"Carrefour's strong supply chain, rich offline operational experience and brand awareness, and Suning's extensive logistics networks and technology will be combined to further streamline our online-to-offline layout and efficiently reduce costs in sourcing and logistics in order to raise market competitiveness and profitability."

"China has a complete industrial chain and optimized economic structure, and is one of the fast-growing markets across the globe. The rigorous prevention and control measures domestically have facilitated economic recovery since the COVID-19 pandemic, which boosted the surge in domestic and foreign trade," Gu said.

"China for us is a relatively small part of our business so it really represents a significant opportunity. What we're working on is how to unlock that opportunity for us. So we saw a drop in the Chinese market for the first time in 30 years, something like that, last year. This year, I think they're going to be flat and they'll still be number one in the world," he said.

"But they will again face the challenge of overcapacity this year," said Dong.