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Dominique de Villepin, former prime minister of France, said the expo played a major role in accelerating globalization. "Such an event (CIIE) shows how business and trade become the major force of globalization. The expo has also increased awareness about the biggest threat we have been facing in recent times."

Despite the slowdown, China's economic growth in 2018 still accounted for one-third of total global economic growth.

Despite the popularity of online shopping, the report says that over 90 percent of the consumers of luxury goods bought them from brick-and-mortar stores in high-end shopping malls.

Developers were cautioned that wastewater, gas, residue, dust and radioactive substances must not damage the ecosystems of the islands and their surrounding waters. Anyone damaging the environment will be punished, it said.

Ding Xia, president of JD Fashion,expressed her delight at the partnership, which will support top up-and-coming designers.