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As fiscal policy targets the real economy more directly, it should be more effective in dealing with the downside risks at present. The primary objective of proactive policy should be improving people's living standards and bailing out hard-hit businesses.

As emerging technologies such as mobile internet, artificial intelligence and additive manufacturing continue to be put into use, as well as the technological and innovative capabilities of emerging economies, the cost of participating in global value chains, especially for small and medium-sized companies, is rapidly declining. Against this background, the vertical specialization led by traditional large multinational corporations has not fully adapted to the new requirements of global economic cooperation. The new global value chains represented by collaborative innovation and, platform-based collaboration, and division of labor are rapidly developing. They will become an important supplement to the traditional value chains.

As for investment income sources in 2019, 31 percent of respondents' income mainly comes from funds or wealth management products, and 30.5 percent from investment in real estate. The vast majority of new middle-class families have made profits from investment and financial management, but their overall returns are small, and 40 percent have a 0-4 percent return on investment and financial management, the report said.

As food is scarce, they are usually small and move slowly. Many are jellylike and spend their lives floating about, while others have ferocious spines and fangs and lie in wait until food comes to them.

As cross-border e-commerce embraced robust growth, China's foreign trade also beat market expectations in recent months, despite adverse impacts from shrinking global demand and overseas restrictive measures to contain the pandemic.