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China's debt-to-equity swap initiative has appeared to gather pace in recent months, supported by a slew of preferential measures to promote such programs. They aim to help lower debt burdens of enterprises by converting corporate debts into equities to be owned by entities established by the nation's major banks and private capital.

China's economy expanded 6.9 percent in the first half of the year, well above the government's yearly target of 6.5 percent. The economy grew 6.7 percent in 2016.

China's e-commerce exports surged 41.3 percent to 33.65 billion yuan last year, while imports rocketed by 116.4 percent to 56.59 billion yuan.

China's economic recovery picked up steam in the third quarter as activities normalized amid effective control of the COVID-19 pandemic and the Chinese government's sweeping efforts to stimulate demand and consumption, according to official data.

China's demand for gold bars and coins soared 30 percent year-on-year to 105.9 metric tons in the first quarter of this year, the fourth strongest quarter on record, according to a report released by the World Gold Council on Thursday.