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Coined by Alibaba Group Holding Ltd in 2009, the Nov 11 shopping gala－the world's largest single-day discount event－will see transaction volume top 152 billion yuan (.9 billion) this year, up 26 percent from a year ago, according to estimates from consultancy Oliver Wyman.

Coal companies listed on the A-share market saw the biggest intraday surge of 5.18 percent on Monday, according to Shanghai-based market tracker Wind Info. Publicly traded nonferrous metal companies saw their share prices rise by 3.13 percent on average, while securities firms' shares moved up by 2.56 percent.

Concrete is poured for one of the Amazon towers. (Melissa Anne McClain Photo)

Competing with these giants is a tall order, and a panel of top investors at the GeekWire Cloud Tech Summit was split on whether they would fund a startup taking on an Amazon or a Microsoft in the cloud world.

Companies that rely on traditional models should be open to private investment, mergers and reorganization, Li said, adding that China is determined to phase out outdated and excess industrial capacity as a key part of its structural reform, especially as coal prices have been rising again in recent months. The idea is to truly make room for new economic growth drivers, he said.