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An unmanned harvester harvests rice in Waigang township of Shanghai. [Photo/CCTV]

Analysts said the moves will help offset the effect of financial regulatory tightening and real estate cool-off and help the country maintain stable growth in the coming months.

Analyzing the market's dynamics and consumer behavior both in China and in the West, the authors of the report concluded that in the future all online retailers will have to tackle almost the same set of issues, in order to keep profitable growth.

Andrew Miller, CEO of Dajia US, told China Daily: "We've been working so hard with so many people to develop this vision of the project. To have the opportunity to finally show that vision to the city and to the world is incredibly exciting and validating for all of us. I believe that New Yorkers in particular and everyone who has a Waldorf story … (are) going to be excited about the rebirth of this icon."

Andrew Cohen in New York, Xinhua and agencies contributed to this story.