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"Everyone, government officials and businesspeople, understand that industry has to upgrade. If you don't upgrade, you will be expelled from the market. If you upgrade, it may bring some hurt. But, if you don't upgrade, the only question is whether you die early or die late."

"Dada Group and Walmart are close partners," said Philip Kuai, founder, chairman and CEO of Dada Group. "Through complementary advantages and cooperation with Walmart, we bring convenient shopping experience and one-hour home delivery services to our consumers, making O2O more popular across the country. In the future, we look forward to continuing our collaboration with Walmart."

"Dalian attracts me with various livable conditions: comfortable climate, friendly locals, beautiful ocean," Gonnetand said. "But what made me choose this city to start my business is that it is the best place to fulfill my entrepreneurial dream."

"Expectations for future activity also fell to their lowest level since late 2014, as most firms do not expect energy prices to return to profitable levels this year," said Chad Wilkerson, economist with the Federal Reserve Bank of Kansas City.

"Don't forget the United States is the world's biggest debtor nation. Will it impose restrictions on the world's biggest creditor on the use of the US dollar as a medium of transaction and doing business in its market?" Yam said.