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Analysts say the move may prompt other premium carmakers to adopt similar measures, especially its attitude toward financial service fees.

Analysts say the action on joint ownership of companies is significant because, until now, the rules have limited carmakers' appetite for investing in China.

And he's already imposed tariffs on billion in Chinese imports in a separate dispute over Beijing's high-tech industrial policies. He has threatened to ratchet that up past 0 billion.

An unnamed official with the presidential Blue House of the ROK was quoted by Yonhap as saying that halting the joint war games in the Winter Olympic period is one of options that can be reviewed.

Analysts at many international institutions may have reached a premature conclusion that China's external demand will shrink by more than 50 percent and the shock to the economy from COVID-19 will be more severe than the 2008 global financial crisis. Their forecasts are based on assumptions that various countries will not roll out massive stimulus packages, and that international organizations will not effectively carry out international coordination of risk management.