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An upbeat Alibaba Group Holding Ltd will hold its famed annual Singles Day online shopping festival on Nov 11, having posted its fastest quarterly (July-September) sales growth since its record initial public offering in 2014.

Analysts, however, cautioned about the downside risks from the COVID-19 epidemic and a potential sluggish recovery in demand. External demand could be hit by a worsening global pandemic or rising Sino-US trade friction, while the difficulties faced by small businesses could weigh on employment and domestic demand.

And like other megalopolises in China, Chengdu and Chongqing need to tackle regional administrative barriers. Local governments need to set up joint conference work mechanisms and work plans to coordinate development and resources.

And in China, "WeChat (owned by Tencent) has more than one billion active users and, together with Alipay, an Alibaba company, its payment solution has captured virtually the entire Chinese market for mobile payments. Meanwhile, Alibaba has been estimated to have close to 60 percent of the Chinese e-commerce market," the report said.

Anand noted that the latest BRICS summit will help deepen the partnerships among BRICS countries, especially in terms of economic and trade cooperation.