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"E-commerce platforms in this case have played an important role to reach out to the consumers," he said, adding China is one of its high-priority markets. The firm will continue to invest and launch new products in the country.

"Facebook could have prevented third parties from misusing its consumers' data had it implemented and maintained reasonable oversight of third-party applications," according to the lawsuit filed in the Superior Court of Washington, D.C., on Wednesday.

"Each market has its own unique preferences when it comes to how local people want to express themselves through photos, videos and personal styles. The key to our success is to listen to our users and get to know their preferences," Fox said.

"Despite the economic impact of the novel coronavirus outbreak, we remain optimistic on business prospects as marketing demand is still going strong in China," he said, adding that future advertising will be more targeted and backed by technological tools including digital media like livestreaming and short videos. It will also focus more on returns－promoting sales, brand awareness and reputation-building campaigns.

"Engaging and cooperating with China is both an opportunity and necessity," Michel was quoted by media as saying.