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Beauty surgeries are becoming popular in lower-tier cities as well. Top-tier cities, however, retain the highest market penetration as China's cosmetic procedure industry started in such cities, according to Jin Xing, CEO and founder of Soyoung.

Based on this definition, the research team of China Industrial Competitiveness Report 2019 created a new economy index that evaluates six major aspects of new economy: network, digitalization, intelligentalization, greenization, globalization and innovation. The index studied the new economy development situation in 47 countries from 2015 to 2017. And according to the index, China ranks only second to the US among these countries.

Bank stocks are likely to take a hit in a slowing economy, especially if interest rates fall. But in general, US stocks will outperform foreign stocks, Goldman Sachs said.

Based on that domestic support, the measures have been put into effect. The Chinese Ministry of Finance on Monday announced a 15-percent tariff on 120 items from the United States including fruit, and a 25-percent tariff on eight items including pork.

Ba Shusong, chief economist of the China Banking Association, said: "The existing rules of the game will change gradually and the asset management ability will become the focal point of capital investment.