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China has more than 4,000 incorporated small and medium-sized banks and their total assets stand at 77 trillion yuan (.9 trillion). Most of these lenders have been affected by the novel coronavirus outbreak due to limited management capabilities and distinctiveness of their customers, which are mainly small businesses, farmers and agribusinesses, he said.
China has placed great emphasis on tech development, with AI a key area.
China has leapfrogged to become the world's largest steel producer. In 2017, China produced 832 million tons of steel, followed by 169 million tons in the European Union, 105 million tons in Japan, 101 million tons in India and 82 million tons in the US, according to the World Steel Association. Back in 1980, when the US produced 101 million tons of crude steel, China's output was 37 million tons.
China has long been plagued by officials who use their expense accounts for personal travel in the name of official visits, use work vehicles on personal errands, and enjoy luxurious receptions and accommodation.
China had more than 149 million people age 65 or older in 2016, according to the National Bureau of Statistics. The elderly dependency ratio — the proportion of seniors supported by working-age people — was 15-to-100.
