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Chen believes consumer demand is expected to rebound during the post-epidemic period, especially since China intensified global cooperation to contain COVID-19 and minimize risks to its economic growth.

Chen said the initiative will benefit the company's efforts to promote interactions between Chinese contractors seeking overseas opportunities and service providers along the ancient trading routes.

Chen violated the eight-point code on Party and government conduct by accepting banquets invitation and free travels, said the statement, adding that he also sought profit for others in business operation and personnel promotion and illegally accepted huge amounts of property in return.

Chen Tao, an analyst at the Beijing-based consultancy Analysys, said JD's reach in first and second-tier cities is high, or close to saturation. It should seek new growth engines and pour more resources into smaller cities and rural areas.