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India blanked Hong Kong riding on wins from double Olympic-medallist P V Sindhu, Ashmita Chaliha and the doubles pair of Ashwini Ponappa and Tanisha Crasto.
National champion Chirag Sen lost 15-21, 16-21 to Wang Zheng Xing in the decider.
With just two teams in Group W, India were assured of a knock-out round berth even before their opening match but the team made its mark in style with the shock win over the top-seeded Chinese side.
Bhambri and Myneni subdued the home pair of Murtaza and Aqeel in the doubles rubber to extend India's dominance over Pakistan in the tournament.
India are now one win away from advancing to the World Group I.
The 24-year-old Ashmita remained the only Indian in the fray after Mithun Manjunath lost his men's singles quarterfinals while the women's doubles pairs of Treesa Jolly and Gayatri Gopichand also exited from the Super 300 tournament in the last-eight stage.
Bopanna also became only the third Indian to win a men's doubles Grand Slam title.
Bopanna and his Australian partner Matthew Ebden prevailied in a tense semifinal against Tomas Machac and Zhang Zhizhen.
The second-seeded Indo-Australian pair will cross swords with unseeded Tomas Machac and Zhizhen Zhang in the semi-finals.
The Indo-Australian pair will now meet the sixth-seeded Argentine duo of Maximo Gonzalez and Andres Molteni.