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China's economic recovery is forecast to accelerate in the year's second half on the back of strong domestic policy support and the reopening of overseas markets. GDP growth is likely to rebound to about 5 to 6 percent in the second half while the growth rate is predicted to rise to around 7.5 percent next year, according to analysts with UBS Wealth Management.

China's fossil fuel consumption is likely to peak in 2020, and will decline steadily afterward, the report said. It predicted the use of coal in electricity generation and industrial sectors will continue to decrease, while rapidly increasing electricity applications in transportation and industrial sectors will also reduce the country's reliance on oil and natural gas, the report said.

China's largest ride-hailing platform has again been subject to a barrage of criticism for the safety of its service, after another passenger of Didi hitch-hiking service was killed last month.

China's economy has experienced a "stunningly long period of stability" by international standards, the New York Times reported, as the economy has grown between 6.7 percent and 7.2 percent for the past 11 quarters.

China's economy is expected to maintain stable growth this year, analysts said, as a raft of favorable policies targeting infrastructure, trade and consumption are gradually taking effect.