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"China's rare-earth export quota didn't have the desired effect on the importing countries, especially Western countries, because smuggling of rare earths was rampant and some export companies falsified customs codes to evade the export quota and continued to export them to other countries," Jin Baisong, a retired researcher at the Chinese Academy of International Trade and Economic Cooperation, said in an article published on China Daily's website.

"Competition will make it harder for Alibaba, but it will add to the excitement of the overall 11.11 festival," said Richard McKenzie, a partner at consultancy Oliver Wyman in Hong Kong.

"Companies from around the world of all sizes and stages will be considered, from pre-product start-ups to well-established enterprises," Jeff Bezos, CEO of the online retailer, said in a statement.

"Conducting such a competition can help promote ethnic traditional culture in one way and on the other hand, it provides the monks and nuns a stage for exchanges and communications. We will conduct similar activities in the future to help raise monks' interest in learning," he said.

"Chinese startups are gearing up to change the game of starting a business abroad. This is the right time for Chinese startups to venture overseas," said Zhou Wei, founding partner of Beijing-based CCV.