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And speculation rose last month that Amazon’s physical retail presence would grow even bigger when the CEO of a large mall operator said that the powerful online retailer had plans to open as many as 400 new retail stores.

And taken on a state-by-state level, these?numbers can have a huge impact: many of those facilities were opened in states which had little to no Amazon presence before 2016.

And Guangdong encourages overseas investors to share the fruits of China's reform and opening-up with the prosperous province, he added.

Analysts expect the company to report a significant loss, reflecting the downturn in air travel as individuals and businesses cut back during the COVID-19 pandemic.

And unlike the previous times, when rapid growth in the retail sector was supported by a debt-based bubble economy, this time the growth has a much stronger foundation and would thus be more sustainable, he said.