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As a bellwether of the global steel industry, Baowu has the vision to be an innovator in technology and the business model of the sector. It can create a high quality ecosystem for the steel sector that includes research and development, production, and trading, Chen stated.

As far as opening up capital markets is concerned, Pettis is wary of the thinking that foreign institutions would be the catalyst for reform in China.

As for the US, whatever impact its tax cut will have on an economy so close to full employment will be paid back partially later in the form of lower growth, as temporary spending incentives (notably for investment) expire and as increasing federal debt takes a toll over time, he said.

As a result of fiscal expenditure gaps, the crisis is likely to exacerbate inequalities among countries in the Asia and the Pacific, it said.

As he honed the instrument making craft, he introduced many of his fellow villagers to the factory. With the rapid urbanization in Beijing, factories were forced away. Queshan county timely encouraged the craftsmen to return and set up violin manufacturing workshops in 2015, assimilating redundant local laborers.