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Another front in the fight is the increase of processed foods being consumed in China, thanks to China's move to urbanization and the food industry's "marketing, promotion and sales".

Apart from the offline beauty lab, Allergan is cooperating with Ali Health strategically to build an online flagship store to offer medical aesthetics education and digital consultancy services, helping consumers to understand product information, as well as promoting the sustainable development of the medical aesthetics ecosystem.

Another startup Pony.ai announced last week that it has raised 2 million, which its CEO James Peng said would speed up commercialization of its autonomous driving technology.

Another major issue is the pet breeding frenzy, which has gotten out of hand and become a main reason for the sharp increase in stray animals, said Qin Xiaona with the CAWA.

Apart from traditional services including trade finance and export credit, Altyn Bank will develop the cross-border renminbi clearing business and provide IPO, bond issuance and mergers and acquisitions services to local, multinational and Chinese corporate clients. In the meantime, China CITIC Bank will transplant its best practices to Altyn Bank, leveraging its advantages in e-banking, mobile banking and cross-border payment services, Li said.