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Another factor is that three of China's internet giants - Baidu Inc, Alibaba Group Holding and Tencent Holdings, or BAT - are building a digital ecosystem with benefits beyond them. One in five top Chinese startups was founded by BAT employees or former BAT employees, according to the report.

Any warning that involves the United States is politically sensitive, given the two countries' 5,525-mile (8,890-km) shared border and Canada's overwhelming reliance on bilateral trade.

Another, who handles local corporate debt applications, said the regulator seems to have been getting stricter in processing application materials since late last year as it increased efforts to curb risks.

Anna Barysheva loves her job promoting Russian food to Chinese customers after living in the country for 13 years.

Another reason is the rise in third- and fourth-tier cities may depend on an increase in hidden local debt. In this round of the real estate cycle, housing prices continued to increase for a long time with a huge overall rise. Decrease of housing prices in more third- and fourth-tier Chinese cities indicates the end of the boom in the property sector, which started at the end of 2015.