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In spite of China's large contribution to the global shoe business, the top five footwear brands are foreign－Nike Inc, Adidas Group, Skechers USA Inc, Kering SA, and Asics Corp. Nike alone held a 9.8 percent share of the global market as of 2017, according to Euromonitor.

In recent years, rather than adopting large-scale stimulus, China has been intensifying efforts to shift the economy towards consumption, services and innovation, which has opened new doors for multinationals like the GE.

In response, traders and oil companies stored crude on idled tankers and in salt caverns. For a short time, there was no place to store excess supply, and in desperation, some considered using railroad tank cars as a stopgap measure.

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In recent years, his store has become one of the largest of its kind, generating an average annual income of about 20 million yuan (.89 million).

In response to the COVID-19 resurgence overseas, local sellers in Yiwu have sped up their efforts to expand their businesses globally by collaborating with cross-border e-commerce platforms such as Alibaba.com and Amazon. Currently, the number of Alibaba.com members from Yiwu has climbed to 6,600, an increase of more than 60 percent since the beginning of the year.

In response to the changing consumption patterns, Hong Kong-listed Chow Tai Fook, China's largest jeweler by market capitalization, launched a series of 22k or 18k gold products, those that are less pure but more affordable for younger consumers.

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In separate cases, Chinese prosecutors have filed indictments against Yao Gang, former vice-chairman of the China Securities Regulatory Commission, and two other former officials. A fourth former official pleaded guilty to graft charges on Thursday.

In terms of exports, electronic and information products maintained a strong increase over the period, while imports of integrated circuit and consumer goods, such as fruits and medicines, posted strong growth.

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In recent years, however, the iconic road that has been immortalized in countless books, movies, music (Get Your Kicks on Route 66) and a TV series has been experiencing a nostalgia-driven revival that is attracting tourists from around the globe.

In terms of actual investment, countries participating in the Belt and Road Initiative invested 7.9 percent more in the first four months of the year than the same period a year ago, Gao said.