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As detailed measures are expected to be rolled out soon, downward pressure on the industry is likely to be eased, said Chen Shihua, assistant to the secretary-general of the CAAM.

As for the financial industry, the guideline said that Xiongan will "take the lead" in putting the newest research results in financial technology, or fintech, into practice, and build a high-standard fintech center.

As US President Donald Trump has announced a trillion infrastructure investment plan, there may be more room for Chinese investment in US infrastructure.

As a traditional manufacturing base, Chongqing will promote the integration of the real economy with the internet, big data and artificial intelligence to develop smart industry. It will also upgrade traditional manufacturing, expand the application of big data and cloud computing to more areas, and build up an emerging industry cluster consisting of new energy vehicles, high-end equipment, new materials and medicine.

As a subsidiary of local property developer Far East Consortium International, which was founded by Chiu's grandfather Deacon Chiu Te-ken, the hotel group has its roots in Hong Kong with 11 hotels and more than 3,200 rooms, commanding a 4.06-percent market share in the city's fiercely competitive hospitality industry.