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As investment rates were significantly higher in China than in other countries, many economists believed that China had been relying too much on investment to drive economic growth, which not only generated overcapacity, but also a high leverage ratio in the corporate sector. Based on this premise, China's economic downturn could be blamed on excess aggregate supply, rather than insufficient aggregate demand, hence the need to cut overcapacity and deleverage.

As of Wednesday morning, only 1 million shots of the Pfizer-BioNTech COVID-19 vaccine had been given, about one-third of the first shipment sent last week. Over 9.5 million doses of vaccines, including Moderna's, have now been sent to states, according to the US Centers for Disease Control and Prevention.

As of 7 am Saturday, more than 3,800 locals had been evacuated, the ministry said. No casualties were reported.

As of 3 pm on Saturday, the rescue was still in progress and no missing persons have been found.

As millennials play an increasingly important role in making travel decisions for their families, China's tourism industry will see an enhanced appetite for do-it-yourself travel offerings, said Lv Gang, co-founder of the Chinese travel website Mafengwo.