China's factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations, adding to signs the economic recovery is losing momentum.

This year marks the 10th anniversary of China’s Belt and Road Initiative — a platform for global cooperation, in which Beijing is actively creating and developing sea and land routes to Asia, Africa and Europe. The starting point of this grandiose project was the city of Xi’an, from which the ancient Silk Road originated.