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But since the late 1990s, Penney struggled with weak sales and heavier competition from discounters and specialty chains that were squeezing its business from both ends. Penney's began flirting with bankruptcy nearly a decade ago when a disastrous reinvention plan spearheaded by then CEO Ron Johnson caused sales to go into free fall. Johnson drastically cut promotions and brought in hip brands that turned off loyal shoppers. As a result, sales dropped from . 3 billion during the fiscal year that ended in early 2012 to billion a year later. Many longtime customers walked away and have not returned. Johnson was fired in April 2013 after just 17 months on the job.

But Chinese cities still have much to do to improve sustainable development. Only Hong Kong ranks among the top 20 for urban sustainability competitiveness.

But he added that governments cannot do it alone and "private capital is a central part of the solution".

But I'd just met them in Beijing.

But Peng Liang, chief researcher of online travel agency Ctrip's tourism big data lab, said the overall desire for overseas tourism won't be affected by the fluctuations as people's disposable income is steadily increasing thanks to the continuous growth of the nation's economy.