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Amazon’s e-commerce business is about 10 times bigger than Apple’s so you can just imagine if it expanded deeper into mobile advertising. Furthermore,?advertising could help Amazon boost its historically razor thin profit margins.

Amid downward pressure, monetary policy will focus more on maintaining stable economic growth, which needs to balance deleveraging with credit policies. "The Chinese economy will continue to demonstrate strong resilience and the government has enough policy tools ... to maintain stable growth momentum," Pan said.

Amid strong opposition, the Trump administration slapped tariffs on imported steel and aluminum globally last year citing national security concerns. In May, Trump removed the tariffs on Canada and Mexico, in hope that the US Congress would ratify the US-Mexico-Canada Agreement, a new trade agreement reached late last year.

Amazon’s self-proclaimed record-breaking holiday season also came with record costs for shipping billions of items to customers’ doors.

Among the new infrastructure projects, 73 major projects worth 180 billion yuan were signed in May.