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As global attention turns to Beijing with the start of China's two sessions on Thursday, experts said the nation's biggest annual political event will indicate the direction of its socioeconomic development amid the COVID-19 pandemic and will inject confidence into the gloomy world economy.

As a result, it said, it had terminated its franchising collaboration on Tuesday.

As a retailer and staff-less solutions provider, Cromwell said mobility would become the next turning point. He said they were talking with some of the world's top retail chains, which were interested in upgrading from the traditional retail mode, but preferred not to to disclose names.

As a pillar of the national economy, the auto industry plays a crucial role in boosting domestic consumption and facilitating consumption upgrades, Wang Bin, deputy director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce (MOC), said at an online press conference.

As a subsidiary of local property developer Far East Consortium International, which was founded by Chiu's grandfather Deacon Chiu Te-ken, the hotel group has its roots in Hong Kong with 11 hotels and more than 3,200 rooms, commanding a 4.06-percent market share in the city's fiercely competitive hospitality industry.