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Stockpiles of gasoline have surged across Asia, with inventories in Singapore, the regional refining hub, rising to a three-month high while Japanese stockpiles also climbed last week. Inventories in the United States are about 7 percent higher than a year ago.

Still holding appeal

Strong players are expected to squeeze out a large number of unprofessional firms in the years ahead. In fact, a virtual shakeout had begun last year when deleveraging moves and the stock market downturn made it much harder for weak players to raise money, Liao said.

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Still, for Chinese companies pursuing new growth drivers, they should make extra efforts to create solid value through their rotation to new businesses. Only 9 percent of Chinese companies have successfully digitized their businesses and are generating more than half of their revenues from new business areas, according to our research.

Stone will?also be talking about the book?Oct. 22 at Seattle’s Town Hall.?Tickets available here.

Such a trend will continue in 2018 as Chinese companies look to diversify their funding channels with lower financing costs, said Ivan Chung, a senior analyst at credit ratings agency Moody's Investors Service.

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Strengthened guidance and regulations are needed for the healthy development of the industry, the CAC said.

Suelen da Silva, who lost her job in April at the start of Brazil's coronavirus outbreak, checks a doll at her "Doll Hospital" in her house in Niteroi, Rio de Janeiro state, on Dec 10. [MAURO PIMENTEL/AFP]

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Students of Russian at Kaiqu Middle School in Huaibei, Anhui province, converse with two Russian teachers from Irkutsk State University in April. Wan Shanchao / For China Daily

Suez is an environmental company headquartered in France with a history that dates back 160 years. We operate on five continents. The journey Suez has taken for over 40 years in China is similar to the road traveled by many foreign companies here.