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"Developers' prudent attitude toward land is because of slower sales as well as policy tightening relating to conventional financing channels since the second quarter," said Xie Chen, head of research with CBRE China.

"Exports to China support over 1.1 million American jobs. States across the country have jobs that are supported thanks to US exports to China, making trade important to not only US companies and consumers, but also US workers," the report said.

"Everyone has motorbikes and cars now. We don't travel on horseback anymore," Urgyen said, adding that he even drives to the racetrack with his horse pulled in a trailer behind his pickup truck.

"Dual circulation" underlines the need to give full play to the country's hyper-sized domestic market, in order to inject new impetus into the Chinese economy through enhanced domestic circulation. But, it also requires unwavering opening-up to make better use of resources and domestic and overseas markets, Ma said.

"Empowering residents from the most underprivileged regions in China, Kuaishou has launched a series of rural entrepreneurship incubation programs that educate participants on how to set up and run businesses, as well as help rural residents sell locally-made products," Song noted.