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But smaller banks may face greater pressure, they said.

But despite calls from the business community, a Seattle proposal seemed unlikely at the outset, even if the city government was running like clockwork. And after the events of this week, it’s even more of a pipedream.

But for many, like myself, blockchain technology is not about the hype shown by the volatility of cryptocurrencies like Bitcoin; it presents an opportunity to improve the world we live in, using smart computer science and innovative economics. Blockchain is the underlying technology behind many cryptocurrencies and is a distributed ledger that is immutable, allowing for transactions between two or more trustless parties to occur securely. Once blocks in the chain are verified, it is almost impossible to alter them after the fact.

But Si Zhenming, design director of Chinese home appliances maker Joyoung, said local brands aren't synonymous with "trading down".On the contrary, they could well serve as a symbol of a "chic" lifestyle.

But in recent months, there have been a lot of developments that can reverse globalization, such as the oil price war, groundless accusations about the origin of the virus and the scramble for scarce resources worldwide.