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Consulting firm Bain estimated Chinese consumers accounted for about 35 percent of 281 billion euros (7 billion) last year in global luxury spending.

Consultancy Euromonitor International had estimated the total market for male grooming consumables in China would reach 14.2 billion yuan in 2018. The firm said that the market grew at a compound annual growth rate of 6.5 percent over the past five years, with growth of 6.9 percent last year.

Construction began Friday and will completed by the end of 2018. The airport is expected to begin operation in 2019.

Consumer finance risk is on the rise due to several factors, including a growing trend of borrowing from multiple sources, financial irregularities, and increasing economic uncertainties, experts said.

Consequently, virtually guided tours through livestreaming broadcasts in museums and cultural heritage sites also boomed at museums and cultural heritage sites across China.