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The site encouraged merchants to adopt a ready-to-ship model, meaning they prepare semifinished products and make last-minute adjustments based on Alibaba data about customer preferences that could differ drastically across regions.

The service sector, which accounts for an increasing share of the economy, has much potential for further opening-up, as China could make good use of foreign expertise in areas including healthcare and education, according to Yang.

The situation is endangering the panda's health, zoo president and CEO Clement Lanthier said.

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The sentiment was catapulted to the center stage by US President Donald Trump, who tweeted in August that Seoul has under-payed the United States for protection.

The scenario Li foresees is a far cry from the recent past.

The services sector accounts for over half of China's economic growth and analysts said the strong nonmanufacturing sector expansion, together with the manufacturing expansion, contributes to the stable GDP growth this year.

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The securities regulator will likely seek to address all such concerns and allay related fears before launching IPO reforms. Such reforms will seek to make the system more transparent, rules consistent, the market healthy and efficient, so that truly valuable startups could flourish.

The ship departed Rome on May 21 to sail across key Maritime Silk Road points, including Greece, the United Arab Emirates, India, Sri Lanka, Malaysia and Thailand, and will end in China's Xiamen on June 26.

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The senior executive also highlighted Microsoft's long-term commitment to the Chinese market, a strategy that has not been disrupted by the COVID-19 pandemic.

The second Kim-Trump summit ended without agreement in the Vietnamese capital of Hanoi in late February.