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Inventory in 33 cities would take more than 18 months to digest, while seven cities including Beijing and Dalian saw a build-up of more than 40 months, CRIC noted.

Investors and academics are paying greater attention to a green economic recovery since the pandemic to prevent money from flowing into projects that are highly polluting or energy intensive, said Feng Ruoqiu, senior manager of BOC's corporate banking department.

Instead, nations will seek mutually beneficial outcomes rather than simply being pawns in a rivalry between great powers.

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Innovation also gives traditional dishes a new look – the purple pickled garlic is marinated with black goji barries and lemon and the pink garlic gets its color from roselle.

Interestingly, the biggest jump in online ordering occurred on a day traditionally viewed as the domain of brick-and-mortar retailers: Black Friday. On the day following Thanksgiving, online sales increased 26 percent to 6 million. Cyber Monday also produced record results.

Instead of real reforms, there has been massive money printing, with major inflation in housing, fuel, health, and education costs in the West over the last 40 years, said Steger.

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Ip, a member of the Chinese Academy of Sciences, told China Daily that she believes more specific measures and cooperative mechanisms in science and technology will be rolled out.

International cooperation also is needed. The authority has relationships with 185 organizations from 69 countries and regions. "Of those, 26 have signed cybersecurity memorandums with us," he added.

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Investors monitor stock prices at a brokerage in Fuyang, Anhui province. [Photo by Lu Qijian/for China Daily]

Investors check stock prices at a brokerage in Fuyang, Anhui province. On Aug 5, more than 30 stocks of defense-related, high-growth Chinese companies rose 5 percent, with nine of them hitting the daily upper limit. AN XIN / FOR CHINA DAILY