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"Given the unprecedented speed of the slump in equity prices, it has been suggested that stock exchanges might be closed soon if things don't turn around," research house Capital Economics said in a note on Tuesday.

"From February to March we experienced the fastest market downturn in history," said Savita Subramanian, an analyst at Bank of America, in a research note.

"Having Mark as the CEO of China brings the best of JPMorgan to this market," said David Li, JPMorgan's senior country officer for China unit, who will also become a vice-chairman of global banking. "I look forward to working closely with Mark as JPMorgan China enters into the next phase of investments."

"For example, we charge cat owners about 150 yuan per night per boarding kennel during the Spring Festival, but normally the price would be about 100 yuan," she said, adding that costs varied per breed, and their prices are around average among local providers.

"From a micro and macro perspective, I think it has to do with the emancipations of productivity in a sort of growth of China," he said. "When a country has grown in a double-digital manner for the past two decades, what it basically means again from an economic perspective, you have a great demand that is so upgraded by the State owner."