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As the store is located in suburban Shanghai, with no close public transportation, some customers complained about the inconvenience to shop there and that it offered no big price difference compared to other supermarkets in China, according to the report. Also up to now, shoppers have still had to wait for a long time to enter the Costco store to buy goods due to heavy crowds.

As the world's largest car market, China is also the fastest-growing market for new energy vehicles as the government looks to ease pressure on the environment.

As the country's first special economic zone, and now a major technological innovation hub, Shenzhen has seen its GDP soar by 10,000 times in the past 40 years, with research and development spending accounting for 4.13 percent of GDP last year - twice the national average.

As the world's biggest energy consumer, China cut its 2005 carbon intensity level by 46 percent in 2017, three years ahead of its goal of 40-45 percent by 2020, and the country's GDP grew one and a half times from 2005 to 2017, said Xie Zhenhua, China's special representative on climate change affairs.

As they did on Monday, US industrial companies including heavy equipment maker Caterpillar and aerospace company Boeing – the biggest US exporter to China –declined on Tuesday, dropping more than 3 percent each on the New York Stock Exchange.