On the corporate front, the Suning Holdings Group announced a deal Monday to become the first Chinese mainland business to control a major European soccer power. The retail giant said at a press conference that its subsidiary Suning Sports Group will acquire a majority stake in Italian soccer club Inter Milan. Suning is paying 263 million euros for a 68.5% stake in Inter Milan. Earlier, I spoke with Sun Weimin, vice chairman of Suning Holdings Group, and he told us why the company is moving into the sports sector.

"We have good communications with Inter Milan. Our investment in the soccer industry is a long-term strategy. In the age of the internet, we should focus on good content to build our brands through various channels. So we are investing heavily in cultural and sports industries, to create good content," said Sun Weimin, vice chairman of Suning Holdings Group.