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Despite the heavy losses, China's car market has started revving up again, Wang said.

Despite fierce disagreement over the tax, both sides agree that Seattle’s homelessness crisis is a dire problem in need of immediate solutions. The Seattle region has the third-largest homeless population in the country,?according to Zillow data. The number of people experiencing homelessness has skyrocketed over the past decade as thousands flock to the region for high-paying tech jobs, bidding up the price of housing stock which is in short supply compared to demand.

Despite the anticipation of a subsidy cut, Beijing Electric Vehicle, the country's largest electric vehicle maker, told China Daily the new plan will bring "some or even great pressure" in the short term, saying it does not rule out the possibility of price adjustments. Industry insiders said the subsidy reduction will put pressure on Chinese carmakers and the auto market in short term.

Despite his attempts to develop new businesses, revenue from them can cover only the wage bill of his cinemas. Other overheads like rent, facility management and power continue to burn cash.

Deploying digital currency will be helpful to improve macroeconomic policy framework, according to Yao.