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Anheuser Busch, the producer of Budweiser, raised its wholesale price by nearly 50 percent from March 10. Harbin Beer is also planning to raise prices in April.

Angela Chao, daughter of the renowned Chinese-American entrepreneur Dr. James S.C. Chao, who founded the Foremost Group, received an honorary award on Wednesday in New York with other Asian-American business leaders for contributions to the global economy.

And Harvard University and the Massachusetts Institute of Technology sued the Trump administration on Wednesday, seeking to block a measure that would bar foreign students from remaining in the US if their universities move all courses online due to the novel coronavirus outbreak.

Analysts said the producer price index, which measures factory-gate prices and reflects the state of corporate activities, has stopped falling and picked up in recent months, meaning corporate profits will rise and investment will increase.

Analysts said that banks' annual results showed that consumption-related loans are growing fast, reflecting the overall trend of China's economic growth pattern which is shifting from intensive investment-driven to consumption driven.