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Credit Suisse Founder Securities has announced that its foreign shareholder Credit Suisse AG was approved to take control of the firm after China's removal of foreign ownership caps on securities firms and mutual fund companies on April 1.

Consumers like Chen are not alone as online grocery platforms that can deliver food at the touch of a button, 24 hours a day, are springing up and booming in Chinese cities, especially after the country's e-commerce giants like Alibaba and JD poured money into supply chain and logistics to lead the market.

Credit insurance is an effective tool to protect companies against non-payment risks caused by protracted default or insolvency of their buyers. It is commonly used by companies in Europe, and the usage rate can be as high as 30 percent in advanced countries such as France and Germany, according to the survey.

Coresight estimates the store closures could number 12,000 by the end of 2019.

Country a beacon for others as it promotes world peace, says Krenz