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Driven by that realization, Jiangxiaobai exploded on China's spirits scene in 2012, debuting in the riverside ancient town of Baisha near Chongqing. It was the maverick in the market that went big on diverse tastes, simple but modern packaging, fashionable branding strategy, lower price and international drinking culture.

Dong Ximiao, a researcher at the National Institution for Finance and Development, spoke highly of the new steps, saying the establishment of a unified information sharing platform will help reduce the information asymmetry between financial institutions and private companies and ensure better financial services for the real economy.

Downstream companies include Marathon Petroleum, Sunoco and Phillips 66, which was part of ConocoPhillips until the parent decided to spin off the downstream business in 2012.

Due to the ongoing novel coronavirus pandemic, global new shipbuilding orders fell to the lowest during the first six months of this year since 1996, according to data provided by market tracker Clarkson Research Service, Yonhap News Agency said in a report. From January to June, new shipbuilding orders stood at 5.75 million compensated gross tons (CGTs) globally, or 269 ships, according to the global market researcher.

Downside risks remain due to signs of moderating demand for manufactured products and rising costs that weigh on service companies, Zhong warned.