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Ann Pancake

Another reason is the rise in third- and fourth-tier cities may depend on an increase in hidden local debt. In this round of the real estate cycle, housing prices continued to increase for a long time with a huge overall rise. Decrease of housing prices in more third- and fourth-tier Chinese cities indicates the end of the boom in the property sector, which started at the end of 2015.

Annamaria Lusardi, chair of the financial literacy expert group that designed the financial literacy portion of the assessment, said that it was "critically important" to measure students' financial skills.

Apart from making appearances in international fashion events, the brand to date has also become involved in a number of areas. These include sponsoring domestic and global sports events such as marathons, the Sina Basketball Golden League and the International University Sports Federation, as well as supporting co-branded theme films and animation.

Apart from the opportunities created by the Belt and Road Initiative, another major trend in the asset management industry in the Asia-Pacific region is the further opening-up, which will be exemplified by mutual recognition of financial products between different countries and regions, according to the report.