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Democratic leaders also called the executive order "modest" and "weak".

Despite the high-speed railway's popularity, many routes are still generating deficits, experts said, adding that this is because of the large infrastructure investment, high operational and maintenance costs, and the old regulations governing prices.

Despite the expanded scale of local government debt in the second half year, the overall risks are under control, thanks to improved mechanisms in quota and budget management, risk disposal and regular supervision.

Department stores — and the immediate future of malls — therefore will depend on the sales of fewer items with higher profit margins. That is likely to mean a reduction of needed floor space, further pressuring mall owners' profits.

Despite a challenging quarter due to reduced economic activities in light of the COVID-19 epidemic in China, the company achieved its annual revenue guidance of over 500 billion yuan. Revenue growth of 35 percent year-over-year was driven by solid performance of its domestic retail businesses as well as robust cloud computing revenue growth, said Maggie Wu, chief financial officer of Alibaba Group.