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By Friday, at least eight cities in Zhejiang, Guangdong, Hunan and Jiangxi provinces had released measures, which are primarily centered on offering financial incentives. The Beijing government is reportedly considering moves as well.

By 2015, the figure had risen to nearly 4.7 million people, generating nearly 725.4 million U.S. dollars in revenue.

But they do face challenges, Zeng said, giving the example of the intensified market competition, resulting from more commercial banks engaging in microlending.

But, NBS data show that the unemployment rate declined somewhat to 5.4 percent in September from a high of 6.2 percent in February－much lower than the rates in other countries.

But, suppose we just ignore the real data and assume, counterfactually, that Chinese monetary authorities want to manipulate the value of the yuan. Would such a policy be beneficial for China? Absolutely not.