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Deputy Secretary, CPC Sanming Municipal Committee, Fujian province (on secondment, 1994-1996)

Despite increased output, Sinopec's earnings before interest and taxes were only 18.61 billion yuan in its oil refining business, down 52.8 percent year-over-year from 39.43 billion yuan due to higher crude procurement expenses. That in chemicals dropped 27.2 percent year-on-year from 18.91 billion yuan in the first half of 2018 to 13.78 billion yuan in the first half of this year.

Despite a promising picture ahead for the country's foreign trade, Gao Lingyun, a research fellow at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, suggested the necessity to fend off risks caused by rising protectionism for the rest of the year.

Despite the financial blows the company is bearing, Ren said there was no plan to reduce research spending and promised to make more contributions to telecommunications and AI breakthroughs.

Delta Air Lines announced Sunday that it would suspend flights between New York and Milan. American Airlines said Saturday it was suspending flights from Milan to New York and Miami amid a "reduction in demand".