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Another 242 new cases were reported compared with only 35 a day earlier, bringing the total to 7,755, the Korea Centers for Disease Control and Prevention (KCDC) said. The death toll rose by one to 60.

Apart from the factors discussed above, demographic changes may determine future declines in savings rates.

Apart from the renegotiation of NAFTA, the Trump administration also planned to revamp the bilateral trade deal with South Korea, and launched investigations into China's intellectual property practices.

Another case in point is the establishment of an artificial intelligence technology association earlier this month in Shanghai, bringing together 300 AI firms in the Yangtze River Delta region to share resources and assist each other.

Apart from reducing taxes, the country is putting in place many other measures to help enterprises reduce costs and enhance efficiencies. [Photo/VCG]