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As president of the Fujian Provincial Overseas Chinese Federation, Chen has been engaged in organizing and coordinating assistance to Fujian people working and living in foreign countries hit by the pandemic.

As should have been expected, this bet on risky investments did not work and many S&L banks went bankrupt. Since the deposits were insured by the government, the taxpayers were on the hook to pay for the S&L banks' losses, which amounted to more than 2 percent of GDP.

As the central bank has taken a pause in monetary easing, fiscal policy should remain proactive to stabilize economic growth and ensure the recent rebound is not just a seasonal fluke, said economists.

As the only villager in Yuejiazhai who finished junior middle school in the early 1960s, Yue had more opportunities than others to pursue a better life. Instead, he accepted the recommendation of the residents' cooperative that he became the only shop operator for the village, which in 1970 comprised about 20 households.

As the world's biggest spenders, Chinese mainland tourists spent 1 billion in 2016, accounting for nearly 21 percent of the world's tourist consumption.