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Apart from filing "a request for consultation" under the WTO dispute settlement framework with the US, China resolved that it "will not hesitate to strike back fiercely" to the protectionist moves.

Another key takeaway from this weekend’s shopping extravaganza is that Americans are opting to shop more online versus going to physical stores; they are also?increasingly becoming more comfortable with buying products on their smartphone.?Amazon, which is?expected to spend a record billion on shipping costs this holiday season, reported that mobile app orders on Thursday spiked 50 percent compared to Thanksgiving Day 2016.

Another of the company’s retail initiatives, Amazon Go, finally opened its checkout-less technology to the public this January at the company’s Seattle headquarters. Amazon?just opened its ninth Amazon Go store in San Francisco this month.

Apart from traditional services including trade finance and export credit, Altyn Bank will develop the cross-border renminbi clearing business and provide IPO, bond issuance and mergers and acquisitions services to local, multinational and Chinese corporate clients. In the meantime, China CITIC Bank will transplant its best practices to Altyn Bank, leveraging its advantages in e-banking, mobile banking and cross-border payment services, Li said.

Apart from having supply chains that are reliable and relatively less vulnerable to disruptions, China enjoys the advantages of economies of scale and competitive labor costs, which make supply chains in China scalable, extendable and cost effective, said Wang Shouwen, vice-minister of commerce.