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But the penetration is as low as 1 percent, meaning there is still an immense potential market in China, according to the report.

But the next day, the Shanghai branches of both banks denied any such move.

By 2020, the number of visitors to Shaoshan each year is expected to exceed 26 million, with 30 percent of local residents making a living from tourism.

But that’s not the worst that the sun can do: Scientists and historians point to an 1859 superstorm known as the Carrington Event, which wrought havoc with telegraph systems and created auroral displays so bright that folks in the northeastern U.S. were said to be able to read newspapers by their light. Today, a storm of that magnitude would deal a heavy blow to our wired (and wireless) world.

But, over the long term, all this took a heavy toll on SOEs' financial health. It was hard for locals to accept that one day their favorite SOEs would struggle with cash flows. In a sense, the easy path to SOE jobs, and the attendant dependence on them, killed off the entrepreneurial instincts of local people. Many of them lacked the nerve to establish their own businesses.