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"Global cooperation in infrastructure, logistics and production capacity is the biggest highlight of the initiative," said Fang Qiuchen, president of the China International Contractors Association, which assists Chinese companies with construction business abroad.

"Filling those holes will fall to already overburdened newsroom journalists. Or coverage will simply cease to occur."

"Foreign companies, including European ones, were part of the story of China's development, and we believe they will continue to be part of the successful story of China's development and win-win cooperation," he added.

"For smaller loan applicants, the major difficulty is the information asymmetry," he said. "How to reduce default risks of unsecured loans by monitoring the cash flows of companies is also a challenge, because small and micro enterprises are asset-light and short of pledges."

"Four leaders from Shagang have been dismissed from their posts or demoted. A special team has been sent to Shagang and will work with third-party organizations to scrutinize its problems."