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Conditions could deteriorate further, however, if the coronavirus pandemic worsens significantly, the regional lender said.

Combining the pipeline assets of the country's big three State-owned energy giants - China National Petroleum Corp, China Petrochemical Corp and China National Offshore Oil Corp, the creation of the new company will help foster a more competitive environment for all players in the sector.

Companies are sourcing from many other countries for many reasons, she said. Everyone has some sourcing in China; many companies have some sourcing in Vietnam. And Bangladesh, India and Indonesia are sources, as well as countries in the Western Hemisphere.

Colbert: “That’s a strong argument. But you understand that I have a couple books coming out this year, and I can’t agree with you because Jeff Bezos at Amazon, he’s a vindictive man. He clubbed the owner of Borders to death with a tire iron.”

Coface began conducting annual surveys on business payments in China in 2003, aiming of understanding corporate credit management practices and payment experiences across the country.