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The comments come at a time when bearish sentiment about the global economy is increasing. The COVID-19 epidemic has severely dented global growth and it may remain in negative territory this year, said Kristalina Georgieva, managing director of the International Monetary Fund. She said that the world is anticipating "the worst economic fallout since the Great Depression" that began in 1929.

The company did not specify the salaries yet, but authorities have disclosed that staff working in Xiongan will be paid in reference to the salary level in Beijing, or even higher.

The company did not specify how it will make the restructuring, but a report by eeo.com.cn said it will split its businesses in vehicle-mounted software, molds, battery and other components as well as other sectors to allow them to operate independently.

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The company expects demand for metals to increase in H2 and global copper and zinc prices to keep rising.

The company closed its facility in Tianjin last December as part of ongoing efforts to enhance efficiency in production facilities. It also closed a plant in Shenzhen last April.

The combined impacts of exchange rate translation and asset price changes have led to changes in China's foreign exchange reserves, said SAFE spokeswoman and chief economist Wang Chunying.

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The collaboration was marked with a signing ceremony in Shanghai that was attended by the founder of the Chief Whisky Society, David Lee, and by Kirsty McKerrow, Edinburgh Whisky Academy's founder and managing director. Vic Cameron, one of the Edinburgh Whisky Academy's expert instructors also attended. Cameron will deliver the first course in China provided under the partnership.

The company has been operating in China for more than 20 years. It sees a big increase in the number of privately owned or traditional family businesses in the country. It is helping them, especially those planning to expand, to adapt to the changing environment.

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The company has corporate shareholders, including entities affiliated to China's internet giant Tencent, Matrix Partners China III Hong Kong Limited, and entities affiliated with US venture capital firm Sequoia, according to its prospectus.

The coalition's total investment in Clover's S-Trimer vaccine candidate will be up to 8 million, including previously announced commitments of .5 million, which have funded preclinical studies and Phase 1 clinical trials, preparations for the global pivotal Phase 2/3 efficacy study and initial manufacturing scale-up activities.