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China's economy witnessed a strong rebound in the second quarter by growing 3.2 percent year-on-year as business resumption gathered pace. Yet market demand, the ultimate driver of production and economic growth, has lagged as the COVID-19 epidemic restricted offline consumption and impaired people's earnings prospects, they said.

China's e-commerce giant Alibaba said on Monday that Singles Day sales on its online shopping platforms this year reached a record 213.5 billion yuan (.7 billion), which represented an increase of about 27 percent from 2017.

China's financial minister and central bank governor vowed to strengthen debt management and leverage more private funds for infrastructure construction under the Belt and Road Initiative, suggesting a new framework to assess debt risks for partner countries on Thursday.

China's consumer price index, the main gauge of inflation, posted its first year-on-year drop in 11 years last month, mainly due to a high comparison base of pork prices, officials and experts said on Wednesday.

China's consumer price index rose to 5.4 percent in January, the fastest growth pace in more than eight years, as most production and transport had been halted to curb the spread of virus.