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And Guangdong companies are allowed to use their company funds to help buy commercial pension insurance for high-end talents from Hong Kong, Macao and Taiwan who do not attend the endowment insurance and medical treatment insurance in the mainland. 

Analysts said the Philippines has a strong fiscal position and they expect the government will use it to mitigate the impact of the pandemic on the country's economy. The Philippines' GDP contracted by 0.2 percent in the first quarter and the country's economic managers forecast that this year's GDP might decline as much as 3.4 percent－the first contraction in more than 20 years.

Analysts said the data show the pressure on industrial companies, but China’s consistent push for high-quality growth will help enterprises better deal with slowdowns in sales and their debt-asset ratios are likely to continue dropping.

Analysts said they believed that macroeconomic policy adjustments, focusing on boosting investment, will be able to secure a GDP growth rate within the authorities' target range of 6 to 6.5 percent this year.

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