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Convenience store saw the fastest growth among all business models of chain store, according to the China Chain Store & Franchise Association (CCFA).

With Washington ramping up pressure on China and other trading partners, analysts worldwide have said such self-inflicted tariff hikes will also give a body blow to the global economy.

BEIJING, July 16 (Xinhua) -- The stable growth of the Chinese economy is good for the world economy and the U.S. economy as well, a Chinese Foreign Ministry spokesperson said on Tuesday.

Both countries also welcome financial institutions from the other side "to enter their securities, insurance, wealth management including custody services, and futures markets, in line with the regulatory framework currently or prospectively in force," they added.