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As Macy's raised the curtain on its elaborate window displays of festive cheer in its home market, the US retail giant has quietly brought down the curtain on its business in China ahead of the most important selling season of the year.

Apple Inc's 3.8 percent fall added to the pressure as the stock that led the market through much of its bull run opened at its lowest level since early May, pushing the tech-heavy Nasdaq to more than 7-month lows.

As China tries to transition to an innovation and service-driven economy, high-tech and emerging industries are picking up momentum.

Around 80 years ago, You Chung Hong (Y.C. Hong), one of the first Chinese-Americans to pass the exam for the California State Bar, helped the Chinese-American community in Los Angeles build a new Chinatown.

As China sealed a big-ticket free trade deal with partner countries this year, Liang Jun, president of the Guangdong Association of State-owned Capital which is based in Guangzhou, said Chinese companies must not only be aligned with the country's goals for the development of the domestic economy, but also pay close attention to global commercial trends.