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Credit structure has shown positive change, the statement noted. Outstanding loans to small and micro businesses jumped 14.4 percent year-on-year to 27.8 trillion yuan ( trillion) in the first quarter, while agriculture related loans rose 8.9 percent to 29.2 trillion yuan.

Credit risk of rural commercial banks is under control, despite a surge in nonperforming loans or NPLs at certain banks, experts said.

Crude oil prices rebounded from .06 per barrel this summer to approaching toward the end of the year. Some major financial institutions, including the World Bank, have forecast that the prices would keep rising through 2018.

Cuomo's remarks were a rebuke to President Donald Trump, who pressed his case on Tuesday for re-opening the US economy by mid-April, saying lockdowns should be more targeted to spare businesses as much pain as possible.

Cui Fan, a professor at the School of International Trade and Economics of the University of International Business and Economics in Beijing, said the new model of development will promote a higher standard of opening up, advance trade and investment liberalization and facilitation and promote the building of an open global economy amid the mounting uncertainties both at home and abroad.