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Brendan Ahern, chief investment officer at Krane Funds Advisors in New York, told China Daily in an email that the US economy is driven by consumer consumption rather that manufacturing, though he said the poor ISM numbers could have a spillover effect on the broader economy.

Business owners will face a heavier punishment when they, or their customers, break the rule. They will be fined up to 1.5 million won for the first-time violation, and up to 3.0 million won for the second offense.

British Steel has changed ownership on numerous occasions during its turbulent history. The UK government formed the British Steel Corporation in 1967 and the workforce at the time numbered almost 270,000.

Brad Setser, a researcher with the Council on Foreign Relations, noted that the RMB exchange rate is now close to equilibrium. He expects the RMB will remain stable at the current level with China's current account surplus and its efforts to deal with capital outflows.

Both public and private players are encouraged to provide funding for infrastructure construction