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"China should drive the need rather than being a follower," he said.

"China should also establish an early warning system, which is expected to send warnings regularly, so that companies can prevent their trademarks being registered by others," he added.

"Chinese retailers look for brands that are well placed to expand into their own growing markets where an influential, well-connected name can help to open doors with mall owners, landlords etc, that can be promoted to quickly appeal to shoppers," said McKeever. "As this owner was already familiar with the brand…that knowledge and expertise augers well. Given the rate of expansion in Chinese malls this would seem an ideal opportunity and great fit."

"Clearly the first swap is a small amount, compared with the potential issuance of perpetual bonds that could be more than 1.08 trillion yuan as we estimated," said Jiang Chao, an economist with Haitong Securities, an A-share listed brokerage. "That could support credit growth of 6.82 trillion yuan."

"China successfully avoided mass infections and deaths on a larger scale from COVID-19 due to its rapid and positive response－the building of hospitals in just 10 days shocked many."