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Google and other tech giants such as Facebook and Apple have been urged to accept responsibility and to address their impact on rents and housing prices. In June, Google announced it would invest billion to develop affordable housing and address homelessness in the region.

Guan Tao, a former senior official with the State Administration of Foreign Exchange, said the capital flows this year are expected to remain relatively stable, while uncertainties may exert some downward pressure to the yuan's exchange rate in the near term, including possible stronger dollar driven by possible US interest rate hikes and in particular, trade conflicts with the United States.

Group chairman Jia Yueting and his wife Gan Wei have also had their assets frozen. The company's and the couple's assets are said to be worth around 1.237 billion yuan (2 million), said Tencent News, citing a document released by the Shanghai High People's Court on June 26.

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Gotop twice lost appeals against the decision.

Grape harvest [Photo/@BIVB-Aurélien IBANEZ]

Government policy is also fueling the smart sports sector. Last year, Chinese authorities announced a national fitness plan, aimed to cope with an aging population.

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Guangdong province-based China Southern Airlines Co Ltd, the country's largest carrier by passenger traffic, said its sales revenue in the first six months hit 67.55 billion yuan, up 11.98 percent year-on-year, yielding net profit of 2.14 billion yuan, a 22.8 percent drop

Globalization and the international division of labor is another key reason for the trade gap.

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Guangdong Bear Electric Co Ltd, a small home appliances manufacturer based in Foshan, said its sales on Alibaba's online marketplace Taobao increased by more than 50 percent year-on-year in the first half of this year, while its sales on JD rose by over 40 percent on a yearly basis.

Graviton will likely be the first server processor designed around the Arm architecture to make a significant impact on enterprise computing. Processor cores designed by Arm are ubiquitous in mobile computing, used by companies like Apple and Samsung as the foundation for their own chip designs, but have never established a foothold in the server world.