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And China is now enjoying a highly entrepreneurial environment in terms of the number of incubator companies and companies that are moving to high scale volumes in a relatively short period of time, he noted.

Angus, who wrote the recent report Top 10 Global Consumer Trends for 2018, said many of the new behaviors among young consumers in China follow global trends, as the internet and social media increasingly bridges borders.

An undated file photo of Gulangyu. [Photo/VCG]

Analysts surveyed by Thomson Reuters?had predicted?quarterly?net sales of .55 billion, up 27 percent, and earnings?of .11 per share. Amazon itself had forecast second-quarter net sales between billion and .5 billion and operating income of between 5 million and 5 million. The company’s big Prime Day sale took place after the quarter ended, so?those numbers weren’t?included in the latest results.

And British online retail group Asos also pulled out of China in 2016 after it failed to compete with large, native e-commerce retailers.