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Another reason why Chinese tourists are less interested in shopping overseas, according to Li, is that the quality of made-in-China products is improving. Also, the influence of Chinese brands is growing. "The time when Chinese people rushed to buy milk powder, frying pans and toilet covers at stores outside the mainland has long passed into history."

Any harmful content, such as pornography, violence or gambling, must be prohibited, the notice stated.

Another outlier would put an end to the nine-year-long bull market in the United States. The price-earning ratio of the US stock market is reaching historic highs, and some analysts worry that a downturn in the market could be sharp and long-lasting.

Another economic risk to Houston is the potential loss of energy projects, which often are valued in the billions of dollars.

Anne Petterd, head of international commercial and trade, Asia Pacific, at the law firm Baker McKenzie, said: "Throughout the pandemic we have seen parts of towns and countries closing down and opening up again.