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The company will not cancel social insurance and housing funds for the sake of cost-cutting, Liu said, adding some staff made 80,000 yuan a month in pilot areas for the new salary regime in southern China's second and third-tier cities.

The company said it will not allow interns to work more than 40 hours per week on program-related assignments.

The comprehensive poverty head-count ratio in the two counties has declined to below 3 percent.

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The competition in the cross-border e-commerce sector will be more intense, as more and more Chinese consumers tend to buy high-quality goods from overseas through online retailers, Mo said, adding each player wants to get a bigger slice of the pie.

The company is already buying new equipment to produce millions of doses if its vaccine is approved, and Bancel said the company was taking a risk because neither safety nor efficacy has been proved yet.

The company will invest more than 700 million yuan (3.7 million) in the center, the largest investment by Walmart since it entered the Chinese market 22 years ago.

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The company’s existing AI chip is already used by the Ministry of Public Security in its video surveillance system. The two sides have drafted a national standard on the use of such AI chips in video monitoring, Deng said.

The company, which is based in Huizhou, Guangdong province, said it would increase investment in its research and development center in Hong Kong, make use of local skills and platforms, and recruit foreign employees to enhance its R&D capacity.

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The company said it now focuses its business on sectors such as ocean fisheries, aquatic products processing, seasonal seafood import and seafood sales to domestic markets.

The company posted quarterly earnings of 3 million, down from 3 million compared with the year-ago quarter. Analysts had expected earnings of 1 million.