With its biggest export market in a funk, China needs to accelerate the rebalancing of its economy towards domestic consumption, with the help of a stronger currency.

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"China still needs America's market, needs to keep the U.S. dollar strong, and also needs the U.S. to open its market to Chinese export, " said Yan Xuetong, an America-watcher in Tsinghua University.

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China's huge size means that to maintain stellar growth rates, the economy needs to move up the value-added chain fast and grab more export market share.

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