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But Li was quick to add that Nio is now under even more pressure than before, saying that in the past the goals were immediate, like launching a brand, or delivering a model.

But persistent tightening in financing conditions will increase debt burden, weaken debt affordability and intensify external vulnerability risks for some sovereigns, said Christian Fang, an analyst for the Sovereign Risk Group at Moody's Investors Service, a global credit ratings agency.

But Joseph Nye, a Harvard professor and prominent US foreign policy expert, warned in a recently published article that the world needs to acknowledge what he calls "the Kindleberger Trap," by which he worries that China could fail to provide global public goods while the global system could sink into "depression, genocide, and world war."

But WeRide was the first autonomous vehicle company to start driverless vehicle fleet test in China. It represents a group of Chinese startups that revved up autonomous driving commercialization recently to catch up with Silicon Valley, especially after the COVID-19 outbreak sped up driverless applications.

But Liu decided to stay on, waging a one-man campaign to tackle the destruction of vegetation on Shizikou Mountain. "If I gave up then, I'd have been giving up halfway," he said. "I will adhere to my mission, however difficult it is."