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And it’s not just startups getting in on the action. “Over the years, we’ve seen a lot of the bigger agencies and consultancies starting to enter the space as well because they need to have Amazon solutions for their clients and customers,” said Leigh, who formerly worked as a project manager of consumables at Amazon. “That’s where all the growth is. That’s where all the ad dollars are going.”

An unnamed spokesperson for the Ministry of Commerce said in a statement on Tuesday that it is groundless to accuse China of engaging in unfair trade with the US as the latter "has benefitted tremendously" from the twoway trade, despite the trade deficit.

Angel Gurria, the OECD's secretary-general, said the nation's continued development and successful transition from a country with double-digit growth rates to one with more sustainable high single-digit rates has been its most notable achievement during the past five years.

And the lower living costs have given rise to higher fertility rates in these regions. The upshot, according to Morgan Stanley's estimates, is that smaller cities could account for 76 percent of overall urban population growth by 2030. That spells huge spending power in the long run.

Analysts said the restrictive policies could weigh on property development investment, dampen construction activity, and add pressure on the economy.