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Aquino cited global trade as another factor injecting "uncertainties" into the local economy.

Arizona, Pennsylvania, and Texas have the second-largest Amazon distribution networks?in the country, with seven distribution-related facilities each.

As Amazon doubles down on Bellevue, its relationship with Seattle has grown fraught. Last year the company became embroiled in a heated battle with the Seattle City Council over a controversial piece of legislation known as the “head tax.” It would have taxed Seattle’s top-grossing businesses on a per-employee basis to fund services and housing for the homeless. Amazon threatened to slow its growth in Seattle if the City Council enacted the tax. The City Council passed, then repealed, the head tax but several councilmembers pledged to continue fighting for new business taxes.

Apple Inc is the most profitable company among the 500, with its 2016 fiscal year profit coming in at .7 billion (which was down 14.4 percent year-on-year). It is expected to be the first company with a market cap of over $ 1 trillion－its market cap on Thursday was 9.3 billion.

Around 500 representatives from companies, foreign chambers of commerce, and academia in Shanghai attended the conference.