A person rides a scooter past a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

A general view of buildings in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

Gao Fei, general manager of Tianjin branch of Centaline Property Agency, poses for pictures during an interview with Reuters, at the company's office in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

A general view of a construction site of residential buildings by Chinese developer Country Garden in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

A sign of Centaline Property is pictured at the company's office in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

Workers walk out of a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

A logo of Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, Klaus Schwab, Founder and Executive Chairman of World Economic Forum, Wu Zhenglong, Chinese state councillor and secretary general of the State Council, and Tianjin Municipality Communist Party Secretary Chen Miner attend a meeting with foreign and domestic business leaders, at the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Kevin Yao 

A person walks past a meeting area during the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Attendees walk past a sign of the World Economic Forum during the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Media personnel conduct interviews during the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Attendees sit at a meeting area during the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of New Zealand Chris Hipkins leaves following the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

People's Bank of China Governor Yi Gang and Commerce Minister Wang Wentao arrive for the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

President of the World Economic Forum Borge Brende leaves following the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

People's Bank of China Governor Yi Gang arrives for the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Klaus Schwab, Founder and Executive Chairman of World Economic Forum, speaks to Chinese Premier Li Qiang following his speech at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Klaus Schwab, Founder and Executive Chairman of World Economic Forum, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang and Klaus Schwab, Founder and Executive Chairman of World Economic Forum shake hands at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang leaves following the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Mayor of Tianjin, Zhang Gong speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang is seen on television as he speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang and Klaus Schwab, Founder and Executive Chairman of World Economic Forum shake hands at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Chinese Premier Li Qiang, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Klaus Schwab, Founder and Executive Chairman of World Economic Forum, is seen through a TV as he speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Klaus Schwab, Founder and Executive Chairman of World Economic Forum, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Klaus Schwab, Founder and Executive Chairman of World Economic Forum, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Klaus Schwab, Founder and Executive Chairman of World Economic Forum, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Mayor of Tianjin, Zhang Gong speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Liming Chen, Chair of Greater China and Member of the Executive Committee of World Economic Forum, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Liming Chen, Chair of Greater China and Member of the Executive Committee of World Economic Forum, greets Zhang Gong, Mayor of Tianjin, at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Liming Chen, Chair of Greater China and Member of the Executive Committee of World Economic Forum, speaks at the opening session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of Barbados Mia Mottley, attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Vietnam's Prime Minister Pham Minh Chinh attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Director-General of the World Trade Organization Ngozi Okonjo-Iweala attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Administration Commission (SASAC) of China, Zhang Yuzhuo attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of New Zealand Chris Hipkins attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

President of the World Economic Forum Borge Brende, Prime Minister of New Zealand Chris Hipkins, Prime Minister of Barbados Mia Mottley, Prime Minister of Vietnam Pham Minh Chinh, State-owned Assets Supervision and Administration Commission (SASAC) Chairman Zhang Yuzhuo and World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala attend a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

President of the World Economic Forum Borge Brende attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Administration Commission (SASAC) of China, Zhang Yuzhuo attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Vietnam's Prime Minister Pham Minh Chinh attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

President of the World Economic Forum Borge Brende attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Vietnam's Prime Minister Pham Minh Chinh attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of Barbados Mia Mottley, attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of New Zealand Chris Hipkins, Prime Minister of Barbados Mia Mottley, Zhang Yuzhuo, Prime Minister of Vietnam Pham Minh Chinh and Chairman and State-owned Assets Supervision and Administration Commission (SASAC) of China, Zhang Yuzhuo attend a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of Barbados Mia Mottley, attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of New Zealand, Chris Hipkins, attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of New Zealand, Chris Hipkins, attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang 

Prime Minister of New Zealand, Chris Hipkins, attends a session of the World Economic Forum's 14th Annual Meeting of the New Champions 2023, at the Meijiang Convention and Exhibition Centre in Tianjin, China June 27, 2023. REUTERS/Tingshu Wang