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In its prospectus, the company said that it generated 33.9 billion yuan in revenue last year, up 161 percent year-on-year. Despite the revenue, it posted a net loss of 2.85 billion yuan in 2017.

In order to avoid regional difficulties in repaying government debt, the efficiency of project investment in boosting local economies is of importance, he said. "This is because the debts can be repaid by revenue generated by the projects, such as highway charges as well as increased fiscal revenue accompanied by higher economic growth."

In its latest annual report released on Friday, the Hong Kong Chinese and Foreign Institute of City Competitiveness removed Hong Kong from the Global Top 10 Safe Cities, a list on which Hong Kong ranked 6th last year, citing a "universally known" reason.

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In his speech at the PBC School of Finance, Merton presented his research on the costs to Chinese investors of not being able to invest worldwide. A central tenet of finance science is that the optimal tradeoff between risk and return for an investor is an index of all the assets in the world. Using data from 1993 to 2015, he calculates that the expected return to a China-only portfolio would be three percentage points less than that of a world portfolio.

In online sales, ByteDance competes with Alibaba's Taobao market, Jingdong, Pinduoduo and many others. There is no equivalent level of competition in the US market. The competition among all these sales platforms has allowed the development of a very vibrant online e-commerce market in China. In rural areas, many people have transformed their lives by manufacturing products or growing food and selling directly to customers. Almost unique to China is the livestreaming phenomenon that allows individuals around the country to communicate directly with potential customers. The big oligopolies quash any such competition in the US.

In one clip, an elderly man sees the freezer and places a fresh apple in it, then replaces it with a larger one.

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In her curtain raiser speech ahead of the Spring Meetings next week, the IMF chief said in a video that countries across the globe "are confronted with a crisis like no other."

In late March, Meituan-Dianping, China's largest online platform for ordering food and booking restaurants, launched car-hailing services in Shanghai. In January, Chinese automaker Geely announced its ride-hailing brand Cao Cao had completed its first round of funding, raising 1 billion yuan (9 million).

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In its report, the IEA labeled China as the world's "undisputed renewable growth leader", driven by concerns about air pollution and capacity targets that were outlined in the country's 13th Five-Year Plan(2016-20).

In other developed economies, private-sector R&D investment exceeds that of the government. In Singapore, for instance, the public-private sector investment ratio for research and development is 39:61.