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"Five years ago, when everybody paid with cash, I couldn't have imagined that today China would use mobile payment on such a large scale," said Kovachich, who lives in Moscow and specializes in editing stories on Chinese economy and financial technologies.

"For the poorest countries, poverty is rising rapidly, median incomes are falling, and growth is deeply negative," he said. "Debt burdens -- already unsustainable for many countries -- are rising to crisis levels."

"Further enhancing the protection of intellectual property rights is crucial to improving our property rights protection system. It is required by scientific and technological innovation and essential for China's greater opening-up," Li said.

"Hainan will start to build race racks and training grounds, set up equestrian clubs and organize all kinds of sports racing events in an orderly manner as soon as the planning is completed. Before the announcement of the plan, people should be careful not to be misinformed or cheated by rumors."

"For luxury brands, the market of Gen Z(referring to those born after the mid-1990s) matters hugely," Mike Hu, the managing director of Tmall in charge of fashion and luxury products, said in a press release.