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The report also warns there is likely to be significant disruption to existing business models in all parts of the economy, as already seen in sectors like media, entertainment, finance and retail.

The regulation is expected to take effect this year, according to Zhou.

The remaining quarter said that they were using it less recently, had stopped using it or deleted their account.

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The renminbi's fall is not currency manipulation but the exact opposite, said Ann Lee, a specialist in China's economic relations at New York University.

The report came amid this week's big stock market selloff and just five days before an election that President Donald Trump has attempted to position as a referendum on his overseeing the economy rather his handling of the COVID-19 crisis.

The report elaborated in detail the entire procedure of the police's handling of key events and cited information from both ends of the political spectrum, said Ma, who is also chairman of the Hong Kong Legal Exchange Foundation.

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The report projects Shanghai's GDP growth this year at 6.9 percent.

The report said a number of listed companies have been rolling out the application of NB-IoT.

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The remarks come as the company announces plans to spin off its DVD mail order business under the name of Qwikster.

The reopening isn't expected to just boost consumption but also reinvigorate the labor market, said Li Qian, an assistant professor specialized in tourism economy at Shanghai University of Finance and Economics.