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The demand from wealthy people to improve their living standards, however, will not be much affected, and the value of high-end residential products will continue to rise, according to Anthony McQuade, managing director of Savills for the Northern China market.

The decisions made at the National Financial Work Conference to focus on mitigating financial risks were an important milestone in this regards. Beyond that, one of the biggest challenges that the government faces is how to find the right balance between government intervention and letting markets play a decisive role. Progress has been made over the past two years in important supply-side reforms, including reducing industrial excess capacity and the housing overhang. However, it is also broadly accepted that well-regulated and competitive markets are critical for increasing economic efficiency and productivity. This is exactly what China needs to achieve a high-income economy in the coming years.

The dome of the US Capitol building at dawn in Washington, DC, US, on Dec 27, 2018. [Photo/IC]

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The debate will begin at 9 pm East Coast time and run for 90 minutes without commercial interruption

The dialogue is the first such strategic mechanism and both countries agreed to build an innovation platform. Wang said China is the first country outside Europe that Cassis has visited since taking office, showing the importance Switzerland has attached to the world’s second-largest economy.

The delegation, which was led by Kim Yong-nam, president of the Presidium of the DPRK Supreme People's Assembly, also included Kim Yo-jong, the younger sister of the DPRK top leader Kim Jong-un and also the first vice-director of the Central Committee of the ruling Workers' Party of Korea.

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The decision to penetrate into the education realm fits well into the trend when the number of searches on education courses almost doubled between January to May compared with same period a year ago, said Huang Lei, the general manager overseeing Taobao's newly-established education arm.

The document said China would maintain a tough stance against "all types of organized crime."

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The department later said that four people were killed and two were missing, without disclosing their identities.

The department said in a second tweet that "70 firefighters and paramedics on-scene and committed to providing care for those injured."Other students were being evacuated from the elementary school in suburban Cudahy, a Los Angeles County Sheriff's spokeswoman said, according to Reuters.