As the latest example of Chinese cities efforts to boost spending after a ferocious wave of coronavirus flare-up, China s capital Beijing on Monday started a large-scale promotional campaign by issuing about 100 million yuan ($14.83 million) worth of dining consumption coupons to local customers, according to a report by Beijingetown.
Chinese experts on Tuesday refuted recent Western media hype over problems with four rural banks in Central China’s Henan Province that have sparked widespread attention as well as swift regulatory actions, noting that the cases are “isolated” and do not represent any nationwide systemic risk and China has the capability to prevent major financial risks after years of efforts to set up a multiple-layered financial risk aversion mechanism.
An increasing number of global investment banks including Goldman Sachs and JPMorgan Chase & Co have lately rooted for Chinese assets, seeing the country as an investable equity safe haven amid woes over a recession brewing in the US.
The US government’s decision to exclude China’s chip company Nanchang O-Film Tech (O-Film) from its so-called entity list is a welcome move that serves as a reminder for Washington that any irresponsible sanctions aiming to disrupt Chinese supply chains will invariably backfire, experts said.
Chinese officials are sending out confident signals over the country s economic situation after the recent coronavirus crisis, as they stressed on Tuesday that the country has the capacity to cope with any potential unexpected changes and keep the economy operating in a stable, sustainable manner.