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Courier service companies on the Chinese mainland said they are speeding up their global expansion in order to seize opportunities arising from the Belt and Road Initiative.

Contrary to reports of a "consumption downgrade" in China, Zhao said the country is seeing an upgrade in consumption as consumers focus more on food quality and shift some their expenses on other sectors like travel, entertainment and education.

Construction of the line will take four years and the joint operation period will be 30 years. As the project will adopt a build-own-operate-transfer cooperation mode, the railway will be transferred to the government for free after the 30-year period ends.

Considering the havoc the pandemic has caused, the association predicted earlier this year that sales for 2020 would be 10-20 percent lower than 2019.

Continental Interior Design and Construction, which was founded in 2008, employs 100 people and works mainly for corporate clients, will benefit from the fall in the VAT rate from 10 to 9 percent, and it will also be boosted by many of its suppliers enjoying a 3 percent cut.