Shares of Amazon were down 0.5 percent.
Shafer added that the Minnesota-based company would also invest in automobile electrification and data center development in China in the future, which the company believes are "developing in faster and bigger ways".
Shares of Amazon.com are up more than 16 percent in trading this morning,
Several forums covering topics such as 5G technologies and smart cities will be held during the conference, which will be attended by leading chip, terminal, and real estate companies from more than 40 countries.
Shamika Sirimanne, director of the Division of Technology and Logistics of the UN Conference on Trade and Development (UNCTAD), told the media that research reveals that the economic geography of the digital economy does not display a traditional North-South divide. It is consistently being led by one developed and one developing country — the United States and China.
Shanghai will further expand its opening-up and strive to provide better, more convenient and more efficient services to help foreign businesses share the development opportunities in the city, said Shang Yuying, deputy secretary-general of the Shanghai municipal government.
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Shares of companies related to semiconductor and husbandry led the losses.
Sharing economy service providers such as Didi Chuxing and Airbnb have also become increasingly popular among business travelers. Therefore, travel management companies should diversify their services to keep in tune with the latest market demand.
Shanxi Xinghua Cun Fen Chiew Group, a leading Chinese liquor maker, is ramping up efforts to expand its presence in overseas markets and drive its digitalization push to combine online and offline sales channels, said company Chairman Li Qiuxi.
Shanghai now has more than 5,000 public phone booths scattered on streets and in public spaces and business areas, while China Telecom plans to upgrade over 100 of them by the end of 2020.