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"China's automobile service sector is at an important turning point, and new consumer market opportunities and new consumer powers are taking shape. In the past three years, we have been striving to build the infrastructure to suit the new market, formulate new product and service standards, and realize industrial restructuring and upgrades in the form of New Retail."

"Consumers look for high-end consumption environment and experience. They want to eat good food in a pleasant environment, demonstrating upgraded consumption demand," said the report.

"China's economic growth has undergone profound changes in the post-crisis era," he said. "The ratio of consumer spending to GDP has been on the rise for eight consecutive years."

"Currently, we have over 200,000 enabled merchants throughout the US right now that can accept Alipay. By partnering with these US merchants, Alipay also helps them to grow because they can tap a group they normally cannot reach."

"Climate change is driving this problem to a place where you simply can't deal with it," he said