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Despite the challenges posed by the COVID-19 pandemic, Midea Group, a Chinese home appliance maker, will expand its global footprint this year, strengthen the layout of its supply chain, and increase its investment in Thailand, Egypt and Brazil.

Despite the early allocation, funding gaps will persist under the current fiscal and taxation framework, the agency said.

Designing the city cluster and metropolitan area development plans to coordinate growth of multiple-sized cities and towns is one of the four key tasks for the transition in urbanization. Other tasks include a relaxation of restrictions on the household registration system especially for migrants from rural areas, and freeing the flow of resources including land, capital and labor force, between urban and rural areas, Meng explained.

Denmark's biopharmaceutical company Novo Nordisk announced on Thursday an expansion of its "China Essentials" plan to version 2.0 during the third China International Import Expo.

Despite growth in the seven-month period, which is in line with the association's estimate, there are signs that the market will enter a period of volatility in the second half of the year.