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"Compared with large State-owned commercial banks and national joint-stock commercial lenders, city and rural commercial banks, also known as small and medium-sized banks, are weaker in terms of the capital adequacy ratio. They also demonstrated significant regional differences in their interim results. Some of them are financially stable, whereas some are facing major risk exposures," said Michael Hu, PwC China financial services partner.

"Coronavirus spreads very fast. If we don't take it seriously now, it can pose a serious threat in the near future to our country. If we don't follow countrywide lockdown for the next 21 days, our country can be gripped by Coronavirus and pushed back by 21 years," warned Modi in a televised address to the nation.

"China's rejection will only push the global waste recycling technologies to make breakthroughs," he said. "Yet, for some countries that habitually export solid rubbish to China, it is hard to accept this reality."

"China's Position on the China-US Economic and Trade Consultations", a white paper report released on Sunday by the State Council Information Office, followed an earlier white paper in September. It reiterated that Beijing does not want a trade war, but is not afraid of one, that it won't back down on "major issues of principle", and that its only intention is to reach a mutually acceptable deal.

"China's higher education has made a great leap, but it is still lagging behind in some basic research areas. There are still some breakthroughs to be made and some demands from society to be met," he said. "So we need to nurture more outstanding creative talent."