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As the US financial system deregulated, more than half of the local banks that had financed local companies went out of business－either by failing or by being absorbed into a few big banks. Actually, deregulation is the wrong word: the big banks were allowed to compete nationally, but many new regulations and reporting requirements were so expensive that small local banks could not cover the legal or information technology costs.

As the forest logging quota became increasingly smaller before 2012, local authorities encouraged forest farm workers to start their own businesses. Yu seized the opportunity and started a horse farm in 2006 to serve tourists mainly at winter time when the township is covered by thick snow. In addition to horse riding, he also provides horse-drawn sled services to entertain tourists.

As the world's two largest economies, the United States and China also share a common interest in infrastructure investment. The Trump administration has pledged to upgrade US aging infrastructure, while China has proposed the initiative on the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road (the Belt and Road Initiative) to strengthen regional inter-connectivity through infrastructure development.

As the survey was conducted before official confirmation of the coronavirus outbreak, the results did not fully reveal the economic impact of the coronavirus, said Wen Bin, chief researcher with China Minsheng Banking Corp.

As the epidemic gradually comes under control, new first-tier cities are expected to witness greater space and opportunities for consumption rebound, the 21st Century Business Herald said.