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Competition in our industry is fierce and increasingly intense among both local and foreign companies. That said, I believe that competition is healthy in any industry. The primary beneficiary of true competition is the consumer and that is whom we should all exist for.

Conflict continues to have a devastating effect on women and girls. The United Nations documented more than 800 cases of conflict-related sexual violence in 2017, a 56 percent increase since 2016, he said.

Concrete efforts must be made to implement the innovation-driven development strategy in Hainan, and policy and financial supports must be leveraged to speed development of the pilot free trade zone, the statement went on.

Concerns about a trade war between the US and China and other US key trade partners have grown lately after Trump imposed tariffs on imported washing machines and solar panels in January and signed proclamations this month on 25 percent tariff on steel imports and 10 percent tariff on aluminum imports in the name of national security under the controversial Section 232 of US Trade Expansion Act of 1962.

Commercial and residential demand takes a hit