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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.

Ant, the financial arm of Alibaba Group Holding Ltd, stands to benefit from the e-commerce giant's presence to support the development of Lazada, its newly acquired e-commerce counterpart in Southeast Asia, said Vey-Sern Ling, an analyst from Bloomberg Intelligence.

Another factor to take into consideration, he said, is that the global economy no longer supports Latin American expansion as it did before, since the stronger dollar, which has affected emerging currencies like the Brazilian real and the Mexican peso, makes financing more expensive.

Anti-police sentiment is scribbled on walls all over the city, and the clashes almost seemed directed at the police even more than the government. Day in and day out, the police became the target, while taking the brunt of the movement's anger.

Another vice-chairman of the CPPCC National Committee, Leung Chun-ying, said the election delay would help the city focus on public health and restore normal economic activities.