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The end result (the lowering of the overall debt level) will likely be the same, irrespective of the deleveraging method used. And neither the borrower nor the lender would be willing to sacrifice their interest a bit for the larger systemic good.

The escalation in trade tensions between China and the United States, may lead to weaker business confidence and slower global trade growth, which is expected to weigh on investment and exports in 2020. But in the near term, as China shows positive surprise in GDP growth in the first quarter, and the macroeconomic policies have taken effects on stabilizing the growth, the GDP growth rate is likely to stay at 6.2 percent, the report said.

The election due to be held on Sept 6 could not have been held without risk because of the rapidly rising number of novel coronavirus infections in the SAR. That those seeking to politicize the decision are willing to turn a blind eye to pressure the latest infections are putting on the city's health system — the latest outbreak accounts for about one-third of the total number of infections in the SAR since January — shows how little they care for the well-being of residents in the SAR.

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The endorsement came as the virus has frozen traditional campaigning.

The economic structure of the FTZ is continually optimizing with emerging industries. By the end of 2018, among the existing registered enterprises in the bonded area, there were 9,678 leasing and business service enterprises, an increase of 18.6 percentage points from six years ago, and 2,963 scientific research and technical service enterprises, an increase of 6.4 percentage points from six years ago.

The establishment of a centralized clearinghouse for online payments suggests that Beijing is tightening its supervision over third-party payments as part of efforts to uphold financial stability in the country.

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The dry port is about 15 km from the Khorgos port in China's Xinjiang Uygur autonomous region on the border of the two countries. From the port, railway cargo can reach Lianyungang in east China's Jiangsu in five days and reach Europe in about 10 days.

The establishment of the exchange dialogue will lay a solid foundation for the two countries to expand their cooperation, Liu said.

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The event was co-hosted by government agencies, industry associations and academic institutions.

The environmental police squad, which was formed on Jan 18, has participated in strengthening joint inspections on companies.